Axelsen, Dan and Snarr, Hal W. and Friesner, Dan (2009): Teaching consumer theory to business students: an integrative approach. Published in: Perspectives on Economic Education Research , Vol. 6, No. 1 (2010): pp. 15-47.
Download (340kB) | Preview
Economists teaching principles of microeconomics courses in business schools face a difficult pedagogical dilemma. Because the vast majority of students in these courses are business majors or minors who will not study economics beyond the principles level, these students need a different set of skills than what is taught in a traditional (liberal arts) setting, which is focused primarily towards economics majors and/or minors. In particular, business students need relatively less emphasis on the mechanics of neoclassical economic theory and relatively more emphasis on how economic tools and concepts form the basis for (and are subsequently integrated into) other business fields, including (but not limited to) marketing, management and finance. This paper presents a case study illustrating how instructors can more effectively teach principles of microeconomics when the majority of students in the course are business majors and/or minors. We use consumer theory as an example. Our goal is to not only describe why principles of microeconomics courses fail to adequately introduce and explain utility and demand theory to this cohort of students, but also to demonstrate how course content can be altered such that learning outcomes are enhanced.
|Item Type:||MPRA Paper|
|Original Title:||Teaching consumer theory to business students: an integrative approach|
|Keywords:||Economics instruction; utility theory; demand|
|Subjects:||A - General Economics and Teaching > A2 - Economic Education and Teaching of Economics > A22 - Undergraduate
D - Microeconomics > D1 - Household Behavior and Family Economics > D11 - Consumer Economics: Theory
|Depositing User:||Hal W. Snarr|
|Date Deposited:||13 Mar 2012 19:24|
|Last Modified:||30 Nov 2016 10:26|
Ball, S. 1998. “Research, Teaching, and Practice in Experimental Economics: A Progress Report and Review.” Southern Economic Journal 64 (3): 772-779.
Becker, W. “How to Make Economics the Sexy Social Science.” Chronicle of Higher Education (December 7, 2001).
Bergstrom, T., and Miller J. H. 2000. Experiments with Economic Principles: Microeconomics, 2nd Edition. New York: Irwin/McGraw-Hill
Cahill, M., and Kosicki, G. 2000. “Exploring Economic Models using Excel.” Southern Economic Journal 66 (3): 770-792.
Caplan, A. 2005. “Seeing is Believing: Simulating Forest-Harvest Problems with Microsoft Excel in an Intermediate-Level Natural-Resource Economics Course.” Perspectives on Economic Education Research 1 (1): 44-52.
Colander, D. 2004. Economics, 5th Edition. New York: McGraw-Hill.
Craft, R. K. 2003. “Using Spreadsheets to Conduct Monte Carlo Experiments for Teaching Introductory Econometrics,” Southern Economic Journal 69 (3):726-735.
Doyle, J., and Wood, W. 2005. “Principles Course Assessment, Accreditation, and the Depreciation of Economic Knowledge.” Journal of Education for Business 80: 165-171.
Engle, J., Blackwell, R., and Miniard, P. 1993. Consumer Behavior. 7th Ed. Ft. Worth, TX: Dryden Press.
Fisher, D. 2001. Intermediate Macroeconomics: A Statistical Approach. River Edge, NJ: World Scientific Publishers.
Frank, R., and Bernanke, B. 2001. Principles of Economics. New York: McGraw-Hill.
Friesner, D., and Axelsen, D. 2006. “Using Game Theory to Teach Principles of Microeconomics.” Journal for Economic Educators 6 (1): 1-14.
Friesner, D., and Axelsen, D. 2007. “Integrating Institutional and Neoclassical Economics using Game Theory.” Mountain Plains Journal of Business and Economics 8: 59-76.
Holt, C. 1996. “Classroom Games: Trading in a Pit Market.” Journal of Economic Perspectives 10: 193-203.
Knoedler, J., and Underwood, D. 2003. “Teaching Principles of Economics: A Proposal for a Multi-paradigmatic Approach.” Journal of Economic Issues 37 (3): 697-725.
Knoedler, J., and Underwood, D. 2004. “Suggestions to Effectuate a Multiparadigmatic Approach to the Teaching Principles of Economics: A Reply.” Journal of Economic Issues 38 (3): 843-845.
Lorents, A., Morgan, J., and Tallman, G. 2003. “The Impact of Course Integration on Student Grades.” Journal of Education for Business 78: 135-138.
McConnell, C., and Brue, S. 2005. Economics: Principles, Problems and Policies, 16th Edition. New York: Mc-Graw-Hill.
McEachern, W. 2006. Economics: A Contemporary Introduction, 7th Edition. Mason, OH: Thomson/Southwestern Publishers.
Miller, J. 2000. “Economics in the Integrated Business Curriculum.” Journal of Education for Business 75: 113-118.
Mixon, J. and Robson, G. 2001. “A Microsoft Excel-Based Aid for Learning Cost Estimation.” Journal of Private Enterprise 17 (1): 143-146.
Mixon, J. and Tohamy, S. 1999. “The Heckscher-Ohlin model with variable input coefficients in spreadsheets,” Computers in Higher Education Economics Review, 13(2): http://www.economicsnetwork.ac.uk/cheer/ch13_2/ch13_2p04.htm.
Mixon, J. and Tohamy, S. 2000. “Using Microsoft Excel in Principles of Economics,” Computers in Higher Education Economics Review, 14(2): http://www.economicsnetwork.ac.uk/cheer/ch14_2/mixon.htm.
Naevdal, E. 2003. “Solving Continuous-Time Optimal-Control Problems with a Spreadsheet.” Journal of Economic Education 34 (2): 99-122.
National Council on Economic Education. 1997. Voluntary National Content Standards in Economics New York: NCEE.
Paetow, H. 1998. “Long-Run Dynamic Market Equilibrium Simulation Through the Use of Spreadsheets,” Computers in Higher Education Economics Review 12 (1): http://www.economicsnetwork.ac.uk/cheer/ch12_1/ch12_1p02.htm
Salemi, M., Siegfried, J., Sosin, K., Walstad, W. and Watts, M. 2001. “Research in Economic Education: Five New Initiatives.” American Economic Review 91 (2): 440-445.
Siegfried, J. 2000. “How Many College Students are Exposed to Economics.” Journal of Economic Education Spring: 202-204.
Siegfried, J., and Sanderson, A. 2003. “Keeping Economics from Becoming a Sexy Social Science.” Southern Economic Journal 70 (1): 209-214.
Tohamy, S. and Mixon, J. 2000. “Using Microsoft Excel to illustrate gains from trade,” Business Quest, http://www.westga.edu/~bquest/2000/excel.html .
Walstad, W., and Algood, S. 1999. “What Do College Seniors Know about Economics?” American Economic Review 89 (2): 350-354.
Walstad, W. and Rebeck, K. 2002. “Assessing the Economic Knowledge and Economic Opinions of Adults.” Quarterly Review of Economics and Finance 42 (5): 921-935.
Wilkie, W. 1986. Consumer Behavior. New York: John Wiley & Sons.