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Articles 871 - 900 of 46912

Full-Text Articles in Social and Behavioral Sciences

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, …

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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.

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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.

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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.

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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.

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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.

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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.

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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 …

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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 …

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Political Failure In The Short- And Long-Run Jan 2026

Political Failure In The Short- And Long-Run

Journal of Economics and Finance Education

This paper reviews the use of public choice throughout my principles of macroeconomic course. I highlight the numerous avenues that public choice can be used to explain macroeconomic policies and their consequences. These include fiscal, monetary, and trade policy and economic growth and development. By emphasizing the self-interested behavior of public officials, public choice can illuminate both shortand long-run macroeconomic outcomes.

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Can Public Choice Theory Help Make Classroom Macroeconomics More Useful? Jan 2026

Can Public Choice Theory Help Make Classroom Macroeconomics More Useful?

Journal of Economics and Finance Education

Classes in macroeconomics typically present versions of the dynamic aggregate demand/ aggregate supply framework to analyze short term fluctuations and optimal monetary policy responses to economic conditions. In these models an output market equilibrium condition is usually combined with a short run Phillips Curve and a monetary policy reaction function. Output, inflation and real and nominal interest rates are shown to respond to (exogenous) supply and demand shocks and interact with one another over time. These models fail to incorporate the fact that policymakers must be modeled as responding to their incentives given their constraints. Policy isn't usefully modeled as …

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Teaching Public Choice Economics In A Public Finance Course Jan 2026

Teaching Public Choice Economics In A Public Finance Course

Journal of Economics and Finance Education

Public choice economics is often considered a sub or a separate field from public finance. Traditional public finance courses focus on public goods, externalities, and the solutions to these issues with an emphasis on expenditure and tax policy, addressing different types of taxation at different levels of government. This paper provides a means of integrating public choice theory into a public finance course to highlight the differences in these fields, but also the complementarity. While traditional textbooks touch on political decision-making and themes of public choice, I will explain how an instructor could incorporate these themes throughout the course.

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Teaching Public Choice At The Master's Level Jan 2026

Teaching Public Choice At The Master's Level

Journal of Economics and Finance Education

This article summarizes the pedagogical approaches I have taken in teaching public choice in a course that enrolls advanced business school undergraduates (majors in economics, mainly) as well as master's students in economics and political science. It starts with a brief overview of the field and then describes the course's content. I reproduce a recent syllabus and two representative homework assignments. Some learning "modules" are suggested and ways of evaluating students' mastery of public choice principles are discussed.

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Using Film Clips To Teach Public Choice Economics: Take Two Jan 2026

Using Film Clips To Teach Public Choice Economics: Take Two

Journal of Economics and Finance Education

Recent years have seen a trend away from "chalk and talk" toward alternative pedagogical approaches to teaching economics. Media clips, in particular, have been touted as a way to provide students with memorable and exciting exposure to economic concepts. Media clips are especially well-suited for teaching public choice economics because of the plethora of films and television shows depicting government activity. This paper documents how clips from popular movies and series such as "Cloudy with a Chance of Meatballs" and "House of Cards" can be used to teach public choice economics.

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Ways Of Teaching Public Choice: Introduction To The Symposium Jan 2026

Ways Of Teaching Public Choice: Introduction To The Symposium

Journal of Economics and Finance Education

This symposium intends to shed light on distinctively public choice approaches to economic education. This introductory essay provides an overview of this symposium and its contributors. We first provide our rationale and motivation for assembling the special issue. We then describe the papers and their interactions.

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The Joy Above All Joys: Roland D. Sawyer’S Socialism For The Working Class, Maggie R. Buglino Jan 2026

The Joy Above All Joys: Roland D. Sawyer’S Socialism For The Working Class, Maggie R. Buglino

Roland D. Sawyer Scholarship Papers

Following the Industrial Revolution, Americans were required to adapt to the nation's new capitalistic society. Witnessing the subsequent struggle of working-class families, 20th century Christian socialist Roland D. Sawyer was resolved to advocate for a reformed economic structure. This paper is dependent entirely on primary sources in the Roland D. Sawyer Collection, available in the University of New Hampshire's Milne Special Collections. Studying Sawyer's autobiography and various socialist writings illustrates his idea of a good life for the American working-class and how they were to achieve it through the adoption of a socialist doctrine. Throughout his activism, he encouraged Americans …

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Structural Empowerment And The Work Environment Of Nursing Home Care Workers In China, Yawen Ou Jan 2026

Structural Empowerment And The Work Environment Of Nursing Home Care Workers In China, Yawen Ou

Lingnan Theses (MPhil & PhD)

China is experiencing a profound demographic transformation as its population ages rapidly, driven by declining fertility, increased longevity, and long-term effects of the One- Child policy. Traditional family-based elderly care has become increasingly unsustainable due to the pressures of the “4-2-1” family structure and the rising prevalence of empty-nest households. In this context, there is an increasing trend in institutionalized elderly care, accompanied by a growing demand for Nursing Home Care Workers (NHCWs). In spite of their vital importance, NHCWs often face heavy workloads, poor compensation, low recognition, and limited professional autonomy. This study explores the work environment and structural …

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Yield-To-Maturity And The Reinvestment Of Coupon Payments: Reply Jan 2026

Yield-To-Maturity And The Reinvestment Of Coupon Payments: Reply

Journal of Economics and Finance Education

Our original note addressed a common misconception that to earn the yield-to-maturity (YTM) on a coupon bond an investor must reinvest the coupon payments. Shirvani and Wilbratte (2009) take issue with our presentation and results. We will demonstrate that their arguments entirety rest on the proposition that the YTM must equal the realized compounded yield (RCY). This is a construct that explicitly assumes coupon reinvestment. We made no claim in our original presentation with regard to their proposition, because it is not required to calculate the YTM. Furthermore, we will discuss their claims with regard to the “economic significance” of …

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Yield To Maturity Is Always Received As Promised: A Reply Jan 2026

Yield To Maturity Is Always Received As Promised: A Reply

Journal of Economics and Finance Education

This note attempts to further spell out why it is a myth that YTM is viewed as only a promised but not really earned interest rate. It addresses some misconceptions in Shirnani and Wilbratte (2009, this issue) on what, between YTM and RCY, is a true rate of return of a coupon bond, why YTM is NOT just a “fictitious mathematical construct”, and why YTM has nothing to do with yield curve.

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The Relationship Between The Promised And Realized Yields To Maturity Revisited Jan 2026

The Relationship Between The Promised And Realized Yields To Maturity Revisited

Journal of Economics and Finance Education

This paper reaffirms the long-held view that the promised yield to maturity of a coupon bond can be realized only under certain restrictive conditions. Specifically, the realized yield equals the promised yield only if the spot rate and yield curves are flat and remain unchanged throughout the term of the bond, a condition which rarely if ever holds. In addition, we explain that, regardless of the reinvestment rates, the promised yield on a coupon bond will be realized, provided that the bond is held not to its maturity but to its duration.

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Parsimonious Expected Utility And In-The-Large Risk Premiums For The Undergraduate Curriculum Jan 2026

Parsimonious Expected Utility And In-The-Large Risk Premiums For The Undergraduate Curriculum

Journal of Economics and Finance Education

Expected utility theory, Pratt and Arrow’s risk premium, and the Markowitz risk premium are based upon Von Neumann and Morgenstern’s five axioms of cardinal utility. The derivation of these measures from these axioms is generally considered too mathematically sophisticated for the undergraduate curriculum. This leaves a wide gap in the foundation of financial theory for the undergraduate. An alternative simplified presentation of expected utility that is suitable for the undergraduate curriculum, and that avoids the nuances and complexities of the traditional mathematically more complete derivation, is presented here. In addition, an easily derived in-the-large risk premium is shown to be …

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Time Spent Online And Student Performance In Online Business Courses: A Multinomial Logit Analysis Jan 2026

Time Spent Online And Student Performance In Online Business Courses: A Multinomial Logit Analysis

Journal of Economics and Finance Education

This study examines the determinants of academic achievement in online business courses. As a measure of effort, we use the total amount of time each student spent in the course. We estimate a multinomial logistic model to examine the odds of attaining one grade versus another depending on time spent online, GPA, and some demographic characteristics of students. Our findings suggest that extra effort can help a student move from letter grades F, D and C to grade B, but is less helpful for the move from B to A. For the latter improvement, a high GPA matters the most.

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Attraction And Retention Of Faculty In A Non-Tenure Granting Environment Jan 2026

Attraction And Retention Of Faculty In A Non-Tenure Granting Environment

Journal of Economics and Finance Education

This paper examines the task of attracting and retaining faculty in a non-tenure granting environment. Our goal is to provide a framework for the future discussion of this issue and to develop a set of utility functions for the primary parties involved, namely, institutions of higher education and individual faculty members. Various strategies for attracting and retaining faculty members in a non-tenure-granting environment are evaluated in terms of their long-run implications.

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