During the past two weeks I have been reading spousonomics and next I will start reading The Invisible Hook: the hidden economics of pirates. I may assign one or the other to my Econ 106 next Fall.
After reading both books the question I need to ask will students be more interested in the married life or piracy?
Showing posts with label Econ 106. Show all posts
Showing posts with label Econ 106. Show all posts
Friday, March 25, 2011
Thursday, March 03, 2011
Diminishing Marginal Utility Experiment
Yesterday, I conducted the Chocolate experiment with my class. On Monday I gave them the lecture on Jeremy Bentham, Utility and Marginal Utility. Most of them accepted the idea as presented and said "that makes sense"!
On Wednesday (yesterday) I conducted the experiment but made sure the result would not match the results as presented in the lecture. I gave them a variety of chocolate so that the Marginal Utility would not fall. To my surprise the students picked up on this and criticized my experiment (see the end of the first video).
After this first round, I ran the experiment as it was meant to be run. I gave all of the credit to the students and the experiment worked out as Jeremy predicted.
On Wednesday (yesterday) I conducted the experiment but made sure the result would not match the results as presented in the lecture. I gave them a variety of chocolate so that the Marginal Utility would not fall. To my surprise the students picked up on this and criticized my experiment (see the end of the first video).
After this first round, I ran the experiment as it was meant to be run. I gave all of the credit to the students and the experiment worked out as Jeremy predicted.
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