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Career Connections at SAVY 2019: Session 3, Day 1 – Behavioral Economics (Rising 7th)

Posted by on Monday, July 22, 2019 in Grade 7, SAVY.

Happy first day of SAVY!

The class got off to a great start today as we introduced the basic principles in game theory. We defined games as far as the context of our class is concerned and consider game theory as the study of strategy. We practiced studying games by looking at the classical example of the prisoner’s dilemma (though we have not given it that name yet). Students will be playing games with incentives in the currency of Sash (savy cash). So if your students mention their sash stash this is what they are talking about. And yes, the person with the most Sash at the end of the week will receive a sash.

We also ran several market simulations (games) today. Before we can jump into behavioral economics, we needed to explore some ideas from classical economics. We learned about supply and demand as well as some basic assumptions of classical economics.

Today we assumed all people are perfectly rational, perfectly logical, perfectly selfish, and perfectly competitive. Tomorrow the students are anticipating making some modifications to these assumptions as we dive in to behavioral economics. I’m excited to hear all of your student’s ideas.

A week long game also began today. Ask your student to explain the game and their strategy for the week.

 

Looking forward to more adventures!

Blake