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From The Editor: Permission To Lie?, Lee Gutkind Jan 2026

From The Editor: Permission To Lie?, Lee Gutkind

Creative Nonfiction Magazine

No abstract provided.


Front Matter Jan 2026

Front Matter

Creative Nonfiction Magazine

No abstract provided.


Dollars Per Pound Or Pounds Per Dollar? Using The Kumon Method To Increase Student Understanding Of Topics In International Finance Jan 2026

Dollars Per Pound Or Pounds Per Dollar? Using The Kumon Method To Increase Student Understanding Of Topics In International Finance

Journal of Economics and Finance Education

In this work I use the Kumon method in International Finance to help students become proficient on basic course topics. This lets them achieve a stronger foundation and allows them to focus on more complex course topics without struggling with the basics. Students improve their skills on the basic course topics using the Kumon-type worksheets. The majority agreed that the worksheets helped their overall understanding of International Finance.


What “The Simpsons” Can Teach Us About Sports Economics Jan 2026

What “The Simpsons” Can Teach Us About Sports Economics

Journal of Economics and Finance Education

This paper provides an insight into the teaching of economics. Using sport and The Simpsons one can do some of the heavy lifting when teaching the subject, as these topics generally engage students and provide ample analogies from which one can explore and discuss key economic concepts. The paper does not seek to provide a deep examination of the economics of sport, but merely to illustrate how The Simpsons and sport can be used to teach fundamental economic concepts.


The Influence That Time Costs And Money Costs Have On Work Incentives: An Application Of Childcare Subsidies Jan 2026

The Influence That Time Costs And Money Costs Have On Work Incentives: An Application Of Childcare Subsidies

Journal of Economics and Finance Education

When deriving an individual's labor supply curve, most labor economics textbooks ignore any monetary or time costs associated with working. However, students realize that this assumption is not realistic, particularly for working parents who have children in daycare. The author presents an analysis of how both monetary and time costs associated with working influences an individual’s reservation wage. Additionally the author compares how the aggregate supply of hours offered within a firm is influenced by that firm adopting a childcare subsidy benefit that either reduces the monetary costs or time costs associated with have a child in daycare.


Using Twitter To Improve Student Writing Jan 2026

Using Twitter To Improve Student Writing

Journal of Economics and Finance Education

The economics pedagogy literature concerning the use of social media in the classroom is rapidly growing. This paper adds to the literature by providing initial evidence of the potential impact of using Twitter to improve writing about economics. Writing assignments before and after a series of Twitter assignments coupled with prompt feedback are utilized. A Principles of Macroeconomics course and two sections of an Intermediate Microeconomics course from two different institutions are used in the analysis.


Textbook Confessions: Of Failures, Markets, And Government Jan 2026

Textbook Confessions: Of Failures, Markets, And Government

Journal of Economics and Finance Education

Most undergraduate students come into contact with an economics class only in passing. The textbook will thus be the basis for their economic understanding, and what is included in these books will have a large influence on how they view the workings of the overall economy. Guided by the Council for Economic Education’s Voluntary National Content Standards, we show that most textbooks cover more extensively market failure than government failure, or even the government role as protector of property rights. We believe a more balanced approach provides an accurate view of the role government should play in a vibrant economy.


Helping Students Crack Annuity, Perpetuity, Bond, And Stock Valuation Formulas Jan 2026

Helping Students Crack Annuity, Perpetuity, Bond, And Stock Valuation Formulas

Journal of Economics and Finance Education

Mainstream finance textbooks present valuation formulas of annuities, perpetuities, stocks, and bonds, but the texts seldom explain the story behind them, leaving students in the dark about why these formulas work. The aim of this paper is to illuminate the black box of these formulas, thus helping finance instructors and students truly understand them. Starting from the basic valuation principle, we can reach each of these seemingly daunting formulas via a few simple algebraic steps. When students reach their “Ah-ha” moment at the end of each derivation, it motivates them and subsequently boosts their interest and confidence in learning Finance.


Using The Fred Excel-Based Application To Improve Learning Outcomes In Economic Courses: From Student To Practitioner Jan 2026

Using The Fred Excel-Based Application To Improve Learning Outcomes In Economic Courses: From Student To Practitioner

Journal of Economics and Finance Education

This paper describes active learning strategies utilizing the recently developed FRED Excel-based application to bridge the gap between economic theory and empirics. The FRED Excel-based application permits students to collect, manipulate, and plot macroeconomic data within Excel. We propose using this application as a tool for students to test economic theories using real world data. We maintain that this learning-by-doing strategy is an effective way to improve learning outcomes in undergraduate economic classes. To illustrate the ease and benefits of using the FRED Excel-based application to support standard economic theories, we provide several sample assignments specific to an intermediate macroeconomics …


Discounting At The Spread And Growing Annuities: A Note Jan 2026

Discounting At The Spread And Growing Annuities: A Note

Journal of Economics and Finance Education

In this note, the relationship between the present value and future value of growing annuities using the “discounting at the spread” method is exhibited. In addition, the work of Hall (1996) is extended, demonstrating a calculator solution for the future value of a growing annuity.


A Graphical Approach To Teaching The Capital Asset Pricing Model (Capm) In Introductory Finance Courses Jan 2026

A Graphical Approach To Teaching The Capital Asset Pricing Model (Capm) In Introductory Finance Courses

Journal of Economics and Finance Education

The relationship between risk and return is necessarily an important aspect of introductory finance courses. The Capital Asset Pricing Model (CAPM) is generally taught as the cornerstone model for measuring expected return given systematic risk as measured by beta, the market’s risk-free rate, and the market risk premium. In this paper, I demonstrate a graphical method of building up to, and introducing, the concept of the CAPM. Students generally find this method to be intuitive and helpful in understanding the concepts of correlation, diversification, efficient frontier, risk vs return, and CAPM.


Art Of Econ: Incorporating The Arts Through Active Learning Assignments In Principles Courses Jan 2026

Art Of Econ: Incorporating The Arts Through Active Learning Assignments In Principles Courses

Journal of Economics and Finance Education

Research has shown that, at the principles level, economics education relies predominantly on lectures for teaching. Introducing differentiated teaching by leveraging active learning provides a way for economics educators to increase students overall understanding and to assess competency at a higher level. In this paper, we provide instructors with a range of active learning assignments with relatively low costs for all participants. These assignments utilize a variety of economics-themed creative projects, which require students to determine which information is essential, use economics language clearly and precisely, and create deliverables that engage the audience with classroom material using an innovative approach.


Predictors Of Success In An Online Undergraduate Core Course In Finance Jan 2026

Predictors Of Success In An Online Undergraduate Core Course In Finance

Journal of Economics and Finance Education

Because finance is a technically oriented business subject where competence in math and accounting plays a role in student success, we posit that technical knowledge, as proxied by math and accounting pre-tests, may predict success in an online undergraduate finance course. Since little or no lecture support is generally offered while taking an online course, students that struggle with math or accounting may have a greater challenge with the online format for a finance course. Accordingly, the purpose of this study is to evaluate the key determinants of success in an online core course in finance.


Finding The Efficient Frontier: An Exercise For Finance Students Jan 2026

Finding The Efficient Frontier: An Exercise For Finance Students

Journal of Economics and Finance Education

Finance textbooks and classroom instructors often show that the set of mean/variance efficient portfolios can be plotted on a graph with the outer edge forming a hyperbola. Our exercise does this on an Excel spreadsheet with realworld data from asset classes that students get to choose. The spreadsheet calculates minimum portfolio standard deviations, the minimum variance portfolio, and the mean/variance efficient portfolio. These values are all graphed in mean/variance space, resulting in the familiar hyperbola. Portfolio constraints can be inserted as well. Students learn how to construct efficient portfolios and the effects of constraints while using real-world data.


Simulation Of Binomial Trees For Exotic Option Pricing Using Excel Jan 2026

Simulation Of Binomial Trees For Exotic Option Pricing Using Excel

Journal of Economics and Finance Education

Option pricing can be presented in a variety of ways to students learning the subject for the first time, ranging from solution of the Black Scholes formula to approximations using Binomial trees. This article shows how an Excel spreadsheet may be used to illustrate the principle of risk neutral pricing through the simulation of random share price paths through the nodes of Binomial trees. By observing such random path prices through a binomial tree, the particular features of different types of options may be more readily appreciated. The method is illustrated with an application to plain vanilla calls and puts, …


Obtaining Consistent Corporate Valuations Jan 2026

Obtaining Consistent Corporate Valuations

Journal of Economics and Finance Education

In an introductory finance course, students are introduced to the concept of equity valuation in the form of the constant growth dividend discount model. In advanced courses they are exposed to additional valuation approaches such as free cash flows, adjusted present value, residual earnings and economic profit models. Unfortunately students do not have the opportunity to go beyond the calculations and learn the basic assumptions of each model that will lead to consistent valuations regardless of which model they choose. In this paper, we value an example company using 6 models that lead to identical equity values.


Using Student Produced Video Clips In Class Jan 2026

Using Student Produced Video Clips In Class

Journal of Economics and Finance Education

The author describes a teaching method using video clips of students teaching other students important economic concepts in class. This paper discusses the use of student- made videos to explain difficult concepts in economics. This simple exercise may offer an effective learning tool for a number of difficult concepts that students often struggle to master in the principles class.


Use Of Review Videos To Reinforce Basic Concepts In Economics Jan 2026

Use Of Review Videos To Reinforce Basic Concepts In Economics

Journal of Economics and Finance Education

Short, weekly review videos were incorporated into two sections of introductory Microeconomics. These videos represent a form of technology for students to review concepts already covered, rather than in the initial teaching of material. The purpose of these videos was to improve the knowledge and comprehension levels of learning for the material, thus providing space for increased breadth and depth in the classroom. Students in the class had a positive reception to the video, as show in the high level ofutilization throughout the semester. Additional analysis did not find a statistically significant impact on student performance.


Mimic Excel Jan 2026

Mimic Excel

Journal of Economics and Finance Education

Although Excel is an excellent tool to teach finance, some of its properties really confuse my students, such as its sign convention and no clear explanation accompanying an error message. In addition, typing =fa(0.1,2,0,100) offers no clue about the formula being used. In this short paper, I will replicate several common Excel functions with and without sign convention. The beauty of functions without sign convention is that they come directly from our textbooks. In other words, an exact formula will accompany a result. When typing =rateExcel(3,10,100), we will see the same error message plus a short explanation.


Common Resource Bargaining: A Collective-Action Game Jan 2026

Common Resource Bargaining: A Collective-Action Game

Journal of Economics and Finance Education

We present an intuitive, time-efficient common pool resource game set in a flexible framework that illustrates collective-action conflicts. The game's interactions demonstrate that not all economic markets yield privately or socially efficient results. Students own tracts of land with access to oil. In the first (optional) stage, students manage the resource rights; in the second stage they make resource extraction decisions. Students' understanding of markets deepens via the conflicts from interdependency versus incentives in common resource allocation. Economic issues addressed include collective action, contracting problems, game theory and externalities.


Utilizing Fantasy Sports To Enhance Student Learning Jan 2026

Utilizing Fantasy Sports To Enhance Student Learning

Journal of Economics and Finance Education

Over the past 20 years, participation in fantasy football has increased dramatically. During this timeframe, many universities have encouraged instructors to diminish the importance of the traditional "lecture format" in the classroom. Many institutions have begun to insist that the most effective teaching involves active student participation rather than one-way communication (Rocca 2010). This paper discusses the implementation of a semester-long fantasy football exercise that is primarily designed to require students to demonstrate their understanding of strategic management and basic economic principles by mandating they apply those principles to situations such as an auction draft and labor disputes.


Using The Automobile Lease To Illustrate Topics In Corporate Finance Jan 2026

Using The Automobile Lease To Illustrate Topics In Corporate Finance

Journal of Economics and Finance Education

Despite the growing popularity of consumer automobile leases, they remain poorly understood by many consumers. This teaching note describes a possible spreadsheet assignment based on an ordinary automobile lease advertisement. With careful analysis of the proposed lease, several important fmancial concepts are revealed, including: internal rate of return, net advantage to leasing, opportunity cost, sunk costs, liquidity, equivalent annual cost, crossover rate, and real option value. By using the familiar and relatable auto lease example, student engagement with the material is improved. The examples and associated problems given are suitable for intermediate-level students of managerial finance, personal finance, or capital …


Bond Duration: Constructivist Learning Using Excel Jan 2026

Bond Duration: Constructivist Learning Using Excel

Journal of Economics and Finance Education

Duration is significant in that it summarizes a bond or a portfolio's sensitivity to interest rates. Based on the constructivist learning approach, we propose an Excelbased assignment that encourages student interaction and active learning which leads to individual discovery regarding the properties of bonds and their effects on duration. Students receive immediate feedback by constructing dynamic Excel tables and figures to calculate duration for bonds with various maturity terms, coupon rates, yields to maturity, and frequencies of coupon payments. The constructivist approach to teaching bond duration is valuable because it requires students to actively acquire and construct knowledge.


A Classroom Property Title Experiment Jan 2026

A Classroom Property Title Experiment

Journal of Economics and Finance Education

Economists such as de Soto (2000) posit that property titles are among the institutions that enhance human well-being. This paper presents a classroom property title exercise in which students may uncover for themselves the potential benefits of property titling on residential investment incentives. Players are faced with a series of rounds in which they must choose to build a low quality or high quality dwelling. Players are initially titleless squatters, but some property titles are randomly distributed between rounds. In each round, players receive a payoff from their housing investment but untitled properties also run the risk of confiscation.


A Faculty-Driven Approach To Starting And Operating A Student Managed Investment Fund Jan 2026

A Faculty-Driven Approach To Starting And Operating A Student Managed Investment Fund

Journal of Economics and Finance Education

Student managed investment funds have proven to be very strong learning experiences that bridge the gap between class-room finance knowledge and hands-on application of financial theories and tools. Though more widely utilized now than in the past, there are still many schools that do not offer such a program for students. This paper describes the approach utilized at one school to start, evolve, and operate a student managed investment fund. The experience gained from over twenty years of developing a program and experimenting with various approaches can be useful to faculty members and schools looking to implement such a program.


French Fried Potatoes As Lecturecraft: A Lesson On Product Homogeneity In Competition From Five Guys® Jan 2026

French Fried Potatoes As Lecturecraft: A Lesson On Product Homogeneity In Competition From Five Guys®

Journal of Economics and Finance Education

This study provides an interesting vignette for using the Five Guys® French fry for discussing an aspect of market structure - that of product homogeneity - in the economics principles classroom. In our view, this vignette is not only both clear and concise, it also allows for the use of humor in what is perhaps an otherwise dry lecture/discussion.


Bootstrap Simulation With Spreadsheet Application Jan 2026

Bootstrap Simulation With Spreadsheet Application

Journal of Economics and Finance Education

This study provides an easy and effective way to simulate distributions of future stock price and return. Using a bootstrapping approach for simulation, we generate one thousand different scenarios for Google's price after one year and the corresponding percentage return. The simulated return distribution provides a comprehensive risk-return profile that includes probabilities associated with achieving a specific return in these uncertain times. We explain and create an excel template showing the bootstrapping simulation that can be readily used in finance classrooms. Using the same methodology, students can conduct their own simulations of different assets and compare their risk-return tradeoffs.


Choosing Political Rules Under Rule Utilitarianism: Constitutional Political Economy And The Moral Foundations Of Capitalism Jan 2026

Choosing Political Rules Under Rule Utilitarianism: Constitutional Political Economy And The Moral Foundations Of Capitalism

Journal of Economics and Finance Education

Economics is positive analysis. Undergraduates, however, are ultimately interested in economics because it informs normative worldviews. Many undergraduates begin, at least implicitly, with consequentialism (and, more specifically, utilitarianism) as an ethical framework. Principles-level analysis informs what Yeager (2001) refers to as act utilitarianism, but exploring broad political ethical questions with act utilitarianism is problematic. I argue that the alternative rule utilitarianism is preferable and can be informed by a constitutional political economy analysis. I give examples based on Buchanan and Tullock's (1962) framework for considering government decision-making rules.


Teaching Students To "Do" Public Choice In An Undergraduate Public Sector Course Jan 2026

Teaching Students To "Do" Public Choice In An Undergraduate Public Sector Course

Journal of Economics and Finance Education

This paper discusses one approach to using writing assignments in an undergraduate public economics course to get students actively involved in doing public choice. Our goal is to provide an overview of the course and its writing assignments with an emphasis on how the scaffolding of assignments helps contribute to the development of interesting and publishable ideas in public choice. A course in public economics provides a good opportunity for an instructor to develop student interest in applied public choice.


Teaching Mathematical Economics Using Public Choice: The Median Voter Model Jan 2026

Teaching Mathematical Economics Using Public Choice: The Median Voter Model

Journal of Economics and Finance Education

The median voter model (MVM) is a core model in public choice comparable to the demand and supply competitive market model in microeconomics. In this paper I introduce and discuss the mathematical treatment of a simple version of the model. This allows instructors to apply a wide range of concepts commonly introduced in a first undergraduate class in mathematical economics. The approach will help students to understand the interplay of concepts separately introduced during the first phase of the course. Hopefully the method will foster an interest in public choice through the study of one of its most important benchmark …