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Article Excerpt Abstract
The use of games and simulations in economics and finance classrooms has prompted research primarily about their pervasiveness and pedagogical benefits while little research has focused on how to develop them. As such, we outline a general nine-step development process, specifically: problem identification, learning objective definition, player definition, players' motives and goals definition, identification of resources available to players, definition of the conduct of play and rules, formulation of an evaluation schema, development of a prototype, and refinement.
Introduction
There recently has been a growing interest in using business games, experiments, and simulations in finance and economics curricula (Smith, 1992). The main benefit of using games and simulations in finance and economics education is that they allow students to actively participate in the learning process, to discover and practice personal skills and to test these skills in a variety of business and market contexts (Becket and Watts, 1995).
In particular, games not only enable the testing and exposition of theories, but they also can create artificial market situations that can be used in the classroom to examine alternative economic structures of the market economy (Maier and Keenan, 1994). Games make it possible to convey difficult concepts in an interesting and effective manner beyond the "chalk and talk" methods that still dominate our classrooms (Becket and Watts, 2001, 1998, 1996, 1995). What is the impetus to move beyond "chalk and talk?" Becker and Watts (2001, page 278-279) state it best,
Given some preparation and a modicum of sensitivity to student responses, instructors may expect their student ratings to go up, along with what students learn, when students are actively involved in the classroom learning experience.
An educational game or simulation involves students in some sort of competition or achievement in relation to a goal providing an interactive learning experience (Wells, 1991). However, games and simulations and their use are not well understood as faculty's experience with them is still quite limited. Some possible explanations for the limited use of simulations and games are the lack of objective information about simulations and games, the lack of faculty's exposure to this technique, the paucity of available appropriate games and simulations, the difficulty in previewing simulations and games without actually playing them, and the difficulty in evaluating the learning (Mohatar, 1994).
Designing effective and interesting games and simulations for use in the classroom requires a great deal of work on the part of the teacher. The use of games and simulations also raises many questions about their use, the role of the teacher, the time and space required, which games are appropriate, evaluation procedures, and the benefits and drawbacks of using games (Barlett and King, 1990). However, little research has focused on how teachers can be assisted in making their own games and simulations. In this context, our paper presents an...
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