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Full-Text Articles in Social and Behavioral Sciences

The Virtue Of Water: Daoist Ecological Wisdom In Fan Kuan’S Travelers Among Mountains And Streams, Juliet Zhao Jan 2026

The Virtue Of Water: Daoist Ecological Wisdom In Fan Kuan’S Travelers Among Mountains And Streams, Juliet Zhao

Consensus

This essay was written for the course “TH530A-A: God and Theological Reflection,” taught by Mary (Joy) Philip at Martin Luther University College, Fall 2025.

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Teaching Horizontal Mergers To Undergraduates: The Case Of American Airlines And Us Airways Jan 2026

Teaching Horizontal Mergers To Undergraduates: The Case Of American Airlines And Us Airways

Journal of Economics and Finance Education

This paper proposes a novel approach to teaching about horizontal mergers. We use the case of the recent airline merger between American Airlines and US Airways to analyze its potential economic impacts. We describe the merger, discuss the institutional details of the US government’s decision-making process of approving or rejecting mergers, and explain the merger’s trade-offs using the Williamson model of market power and economic efficiency. The paper provides lecture materials, including an Excel simulation, presentation and sample assignments that can be used by instructors teaching undergraduate courses in intermediate microeconomics, managerial economics, industrial organization, and law and economics.

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Biases And Student Portfolio Management Behavior Profiles: An Empirical Taxonomy Jan 2026

Biases And Student Portfolio Management Behavior Profiles: An Empirical Taxonomy

Journal of Economics and Finance Education

Many investment portfolios are managed by individuals. In order to better understand their portfolio decisions, we must understand how cognitive biases might affect behavior in making these decisions. While a simplistic view might only consider an individual’s management effort, a feature-based approach allows us a more developed understanding of portfolio management. To achieve this objective, this paper develops an empirical taxonomy of portfolio management behavior profiles through surveys of 48 undergraduates participating in the Stock-Trak® project. The four management profiles we define in this paper – Resolute, Insecure, Fastidious, and Passive are distinct in terms of behaviors, effort, and perceived …

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It's Just Like Magic: The Economics Of Harry Potter Jan 2026

It's Just Like Magic: The Economics Of Harry Potter

Journal of Economics and Finance Education

Do the laws of economics apply in the magical world of Harry Potter? Even though J.K Rowling placed her characters in a world of magic, wizards remain subject to the implications of scarcity. As a result, the series is abundant with examples of basic economic principles. Given the popularity of the series, its use in the classroom is likely to inspire students to adopt the economic way of thinking for life. We demonstrate the pedagogical potential of the series by providing illustrations of trade-offs and opportunity costs, marginal thinking, the power of incentives, and the benefits of trade and commerce.

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Productive Complements: Too Often Neglected In The Principles Course? Jan 2026

Productive Complements: Too Often Neglected In The Principles Course?

Journal of Economics and Finance Education

Many great economic thinkers, including Alfred Marshall and William Stanley Jevons discussed the importance of joint production, or productive complements, and there are important applications. Yet many students today could complete an economics major and never be introduced to this important concept.

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Negative Externalities Of Student Debt: The Impact On Human Capital Development Jan 2026

Negative Externalities Of Student Debt: The Impact On Human Capital Development

Journal of Economics and Finance Education

No abstract provided.

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Demystifying Free Cash Flow Valuation Jan 2026

Demystifying Free Cash Flow Valuation

Journal of Economics and Finance Education

In this paper we provide a straightforward framework for valuing firms. Students and even practitioners often struggle with the details of the valuation process as commonly presented in finance textbooks. Using a numerical case example, we highlight some of the fundamental but often misunderstood valuation concepts. First, we discuss the connection among major cash flow identities. Next, we demonstrate the use of the adjusted present value approach to perform firm valuation. When the capital structure is non-constant, the adjusted present value method yields more accurate results than the traditional valuation model that uses the weighted average cost of capital.

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Daily Clicker Questions Combat Procrastination Jan 2026

Daily Clicker Questions Combat Procrastination

Journal of Economics and Finance Education

The use of classroom response systems to promote active learning is growing, but the evidence on whether clicker questions actually help students to learn is mixed. This paper uses formative assessments of individuals to predict their overall achievement instead of comparing the performance of clicker and control groups. It finds that students who answer more daily clicker questions correctly have higher summative assessments, after considering the effects of other important variables. Individuals who understand course content earlier also perform better in the end.

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Clickers: Performance And Attitudes In Principles Of Microeconomics Jan 2026

Clickers: Performance And Attitudes In Principles Of Microeconomics

Journal of Economics and Finance Education

Clickers are one tool available to classroom instructors seeking new ways to engage students. There has been extensive research in the sciences studying the effectiveness of using clickers in the classroom but very little within the economic discipline. This study analyzes the relationship between using clickers for participation only and using clickers for graded daily quizzes in Microeconomics. Student attitudes concerning clickers are also investigated. While no significant difference is found in final course grade, results show that students perform best on daily quizzes taken with paper and pencil. Additionally, students overwhelmingly enjoy clickers in the classroom regardless of usage.

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Dispelling The Pessimistic Bias Jan 2026

Dispelling The Pessimistic Bias

Journal of Economics and Finance Education

This paper provides resources and methods for confronting and refuting “the pessimistic bias.” This bias was identified by Bryan Caplan in The Myth of the Rational Voter: Why Democracies Choose Bad Policies (2007.) Caplan defines the pessimistic bias as “a tendency to overestimate the severity of economic problems and underestimate the (recent) past, present, and future performance of the economy.” It originates in the gap between public perceptions and historical reality. Professors and students of economics should: (1) be aware of the problem, and (2) have tools and methods to address this commonly-held bias.

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The Theory Of The Firm, Transaction Costs, And Financial Statements Jan 2026

The Theory Of The Firm, Transaction Costs, And Financial Statements

Journal of Economics and Finance Education

The paper links the economic theory of the firm with the firm’s balance sheet and income statement by including transaction costs, disequilibrium, and comparative statics in a model of a firm in a perfectly competitive industry. The analysis builds in particular on contributions by Ronald Coase.

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Gains From Specialization And Trade Revisited: “How” Is Done And “Why” Must Be Explained Jan 2026

Gains From Specialization And Trade Revisited: “How” Is Done And “Why” Must Be Explained

Journal of Economics and Finance Education

Most textbooks have shown mutual gains from trade without explaining the source of the gains. Formally deriving the combined PPF from two individual PPFs, this paper demonstrates that the economy of two producers reaches their combined PPF if and only if at least one of them fully specializes according to her comparative advantage. Such specialization causes the total production to rise, as it is maximized on the combined PPF. It also shows how such specialization is endogenously determined under the perfect competition. It also explains who (and how to) benefit more from specialization in international trade and in labor market.

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Using Bloomberg Real-Time Data And Analytics To Teach Economics And Finance Jan 2026

Using Bloomberg Real-Time Data And Analytics To Teach Economics And Finance

Journal of Economics and Finance Education

This paper shows the benefits of incorporating the Bloomberg terminal in teaching economics and finance classes. The Bloomberg terminal differs from traditional teaching methods by bringing students into the laboratory of the real world through the use of real-time data and news to reinforce and to apply his/her knowledge of theory and institutions. A methodical way of using this technology in teaching economics and finance electives is discussed. Results suggest that using the Bloomberg terminal makes student comprehension of theoretical and applied material deeper. Moreover, their performance in other classes, internships and jobs suggests that this approach improves retention.

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Teaching The Law Of Supply Using Karaoke Jan 2026

Teaching The Law Of Supply Using Karaoke

Journal of Economics and Finance Education

This paper describes an active-learning strategy for teaching the law of supply using karaoke. Unlike the law of demand, which is second nature by the time students reach college, the law of supply is less familiar. If you are unsure about this claim, poll your class to see how many students have tangible experience running a business. Due to this lack of familiarity, we deploy karaoke to illustrate the fundamental nature of the supply curve, along with the difference between movements along the supply curve and supply shifters. We also provide extensions and a number of variations of this method …

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Swansonomics: Using “Parks And Recreation” To Teach Economics Jan 2026

Swansonomics: Using “Parks And Recreation” To Teach Economics

Journal of Economics and Finance Education

Based on a first-year multidisciplinary course, Swansonomics is a class where students examine the libertarian beliefs espoused by the character Ron Swanson from the television series Parks and Recreation. The show provides great examples of rent seeking, fiscal policy issues, social policy issues, and bureaucratic incentive structures. These Parks and Recreation video clips can be used in any class to cover a variety of issues. Examples of topics include the expected economic consequences of specific political or economic philosophies, unintended consequences of policies, various systems of taxation, public and private incentive structures, and varying degrees of capitalism and government intervention.

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Market-Dependent Domestic Production Set Jan 2026

Market-Dependent Domestic Production Set

Journal of Economics and Finance Education

A remarkable feature of the 21st century is extremely rapid international capital mobility compared to considerably sluggish annual FDI flows in the last quarter of the 20th century. If this empirically significant assumption of internationally footloose capital is adopted, an economy’s production set, and its boundary, the production possibility frontier, are, under this assumption, rendered market dependent insofar as domestic commodity price variation causes a swift relocation of the production frontier, contrasted with the market-invariant frontier in standard theory. Other conclusions of economic analysis are, in general, also modified, rendering this change in assumption materially relevant to economic theory.

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Portfolio Performance Evaluation Benchmark: A Note Jan 2026

Portfolio Performance Evaluation Benchmark: A Note

Journal of Economics and Finance Education

Jones and Swaleheen (2014, this journal) examine the performance of an equity portfolio in a student managed investment fund and document the outperformance of the portfolio relative to the S&P 500 index on an absolute basis. We show that the apparent outperformance of the portfolio is due to using the index without its dividend component. Once we use the S&P 500 total return as the benchmark, the outperformance of the equity portfolio disappears. We explain why the S&P 500 total return should be used in this case, and propose and justify two alternative proxies for the S&P 500 total return.

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The Classroom As Policy Laboratory: Using A Classroom Simulation To Experience Macroeconomic Policy Jan 2026

The Classroom As Policy Laboratory: Using A Classroom Simulation To Experience Macroeconomic Policy

Journal of Economics and Finance Education

This paper describes a classroom economic simulation. The simulation is similar to classroom experiments but is repeated, which allows for a less deterministic structure and gives students time to experience multiple roles. Students run the economy, from hiring their classmates to producing goods and buying them. Students also elect a class congress, which allows them to choose policies and experience the effects. As the simulation progresses, additional economic concepts and measurements are incorporated, including but not limited to GDP (real and nominal) unemployment, poverty, inequality, economic growth, investment, money supply, inflation and macroeconomic shocks.

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Student Managed Investment Fund Performance: A Look At Equity Portfolio Data Jan 2026

Student Managed Investment Fund Performance: A Look At Equity Portfolio Data

Journal of Economics and Finance Education

Research on the performance of student managed investment funds (SMIFs) is needed in the literature. Using data from a SMIF at a university in Florida, this paper provides some evidence of this performance while noting the importance of active portfolio management within the SMIF. The results underscore two points: 1.) University officials can rely on students to manage actual investment monies, with proper oversight. 2.) Active management of the SMIF can add value. The goal of this paper is to encourage schools to begin SMIFs and help convince university officials that active portfolio management by students is a good idea.

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Help Your Students Realize Their Retirement Dreams By Quantifying The Cost Of Procrastination Jan 2026

Help Your Students Realize Their Retirement Dreams By Quantifying The Cost Of Procrastination

Journal of Economics and Finance Education

In this paper we discuss the details of a dollar-a-day investment plan that professors can use when teaching a course in finance or economics. The goal is to explain the power of compounding and to illustrate the opportunity cost of procrastination. Our hope is that the narrative and examples will not only help students to understand these concepts but also motivate them to begin a modest investment regimen while in college. We also use the Shiller dataset to find an optimal look-back period that can be applied to making projections for the size of future retirement nest eggs.

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The Influence Of Aggregate Demand Elasticity On The Federal Budget Deficit Jan 2026

The Influence Of Aggregate Demand Elasticity On The Federal Budget Deficit

Journal of Economics and Finance Education

This paper examines the implications of aggregate demand elasticity for the federal budget deficit when macroeconomic shocks occur. We obtain two results with the graphical analysis. First, and for an adverse change to short-run aggregate supply, the decrease in real gross domestic product and the resulting increase in the budget deficit is larger the more elastic is aggregate demand with respect to the general price level. Second, and when a negative shock to aggregate demand occurs, the decrease in real gross domestic product and the consequent increase in the budget deficit is larger the smaller is the price level elasticity …

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Repeat After Me: An Experiment In Learning Jan 2026

Repeat After Me: An Experiment In Learning

Journal of Economics and Finance Education

Generations of students have stumbled over the distinction between moving along and shifting a demand curve. Simple verbal repetition seems to help cement this difference. In classroom experiments, students who stood and recited the concept aloud performed better on a subsequent exam question than other students. Moreover, the difference persisted onto the final exam even after controlling for differences in student ability and exam preparation. While other active-learning methods might produce similar results, verbalization requires almost no time or instructor effort. It takes only a few seconds and there is nothing to read or grade.

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Perfectly Competitive Model And Finance: Changes In The Value Of The Firm During Competitive Adjustment To A Shift Of Demand Jan 2026

Perfectly Competitive Model And Finance: Changes In The Value Of The Firm During Competitive Adjustment To A Shift Of Demand

Journal of Economics and Finance Education

This paper explores the adjustment process of the perfectly competitive model from the perspective of finance theory and argues that finance theory (in unsophisticated form) is implicitly woven into the model’s adjustment process. Making this explicit allows students of elementary economics and finance to bring the two disciplines together.

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Using Videoconferencing To Solve A Business Finance Problem: Challenges And Lessons Learned From A Transatlantic Experience Jan 2026

Using Videoconferencing To Solve A Business Finance Problem: Challenges And Lessons Learned From A Transatlantic Experience

Journal of Economics and Finance Education

This study presents a transatlantic project that requires business students to use videoconferencing to solve a real world business finance problem. We discuss the project’s design and delivery, the usefulness of videoconferencing in this context, and the challenges and lessons learned in the cross-cultural setting by instructors and students on each side of the Atlantic. A post-project survey reveals both German and U.S. students regard the transatlantic project to be a valuable experience, though the U.S. students view the project more favorably than did their German counterparts. The project also reveals some interesting transatlantic differences in higher education pedagogies.

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The Term Structure Of Interest Rates And Unconventional Federal Reserve Monetary Policy Jan 2026

The Term Structure Of Interest Rates And Unconventional Federal Reserve Monetary Policy

Journal of Economics and Finance Education

The term structure of interest rates argues that a fundamental determinant of the Treasury yield curve is expected future short-term interest rates. In early 2013 it is possible to construct a predicted yield curve based on future expectations, and compare it to the actual yield curve. Due to the unconventional Federal Reserve policies that began in 2008, the actual yield curve lies well below that predicted by the term structure theory. Our research indicates that the cumulative impact as of January 2013 of the unconventional Fed monetary policies is to decrease the 10-year Treasury yield by about 80 basis points.

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Gender-Based Trading: Evidence From A Classroom Experiment Jan 2026

Gender-Based Trading: Evidence From A Classroom Experiment

Journal of Economics and Finance Education

Is there a difference in the trading behavior of men and women? The question stems from research suggesting that men tend to be more overconfident than women, trade more and earn lower portfolio returns. Moreover, men appear to be less risk-averse than women. We present evidence from a student investment market simulation, Stock-Trak©, conducted in an upper division college finance course

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Using Sports To Teach Finance And Economics Jan 2026

Using Sports To Teach Finance And Economics

Journal of Economics and Finance Education

Sustaining student interest in economics and finance is often a challenging task. One way to generate interest is through the use of examples that are interesting and relevant to the students. Sports provide many examples of finance and economics principles. In this paper, we provide seven sports examples that can be used to demonstrate various topics in and out of the classroom. These examples can be used either to introduce material or to assist more advanced students in gaining a deeper understanding of the subject matter. The examples have the additional benefit of providing memorable allegories to the business world.

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A Note On Animating Financial Equations With Scientific Notebook® Jan 2026

A Note On Animating Financial Equations With Scientific Notebook®

Journal of Economics and Finance Education

Students of finance are often challenged to understand how financial equations respond to changes in key variables. All too often, the pedagogy offered these students includes usage of static graphs. Although there is a plethora of research in other disciplines showing animation provides superior learning outcomes compared to static images, the use of animation to illustrate financial relationships has received little attention in the financial education literature. This paper and the animations shown on the www.financeanimations.com website demonstrate Scientific Notebook’s ® ability to animate equations commonly taught in university introductory finance courses.

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Using Microsoft Corporation To Demonstrate The Optimal Capital Structure Trade-Off Theory Jan 2026

Using Microsoft Corporation To Demonstrate The Optimal Capital Structure Trade-Off Theory

Journal of Economics and Finance Education

In this paper, we apply the trade-off theory of capital structure to Microsoft. We use data for bond ratings, bond risk premiums, and levered CAPM betas to compute the cost of equity and the weighted average cost of capital for Microsoft at different debt levels. This study shows the impact of increasing financial leverage on WACC. As financial leverage increases, the WACC decreases until the optimal debt ratio is reached, after which, the WACC begins to rise. At this debt ratio, the value of Microsoft will be maximized. Our results indicate the optimal debt ratio for Microsoft is 37.5 percent.

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Differences In Student Evaluations From Hybrid And Traditional Courses Jan 2026

Differences In Student Evaluations From Hybrid And Traditional Courses

Journal of Economics and Finance Education

Hybrid courses contain online elements in combination with reduced in-class seat time. This study examines differences in student evaluations from hybrid and traditional sections of an introductory course in economic and business statistics. In our hybrid course, face-to-face lectures are replaced with online lectures and class periods are conducted as question-answer and practice sessions. We find strong evidence that students mark down evaluation scores in the hybrid versus traditional format. Markdowns occur across all dimensions of the evaluation instrument.

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