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

Posted by hallep on Wednesday, July 24, 2019 in Grade 7, SAVY.

Another great day of SAVY!

Today we analyzed a few combinatorial games. We talked about how game theorists study these games by observing how many potential moves are left and which spots they could be in. Then we can determine if the current setup is a winning state or a losing state for either player.

As always you get a chance to solve today’s brain teaser. Today’s problem was the pirate game. It’s a little tough to explain on paper so have your student give you the setup so you can test your skills! (a google search of “game theory pirate problem” will also work).

Students learned about the differences between market norms and social norms. They had great ideas and were eager to share their thoughts about interactions that they have had which have toed the line between these two standards. We then began to dabble in the ethical implications of behavioral economics.

We also conducted a blind taste test between Coke and Pepsi. Each company has at various points claimed that they have an edge in blind taste tests most notably shown through “the Pepsi Challenge.” Both companies have legitimate claims. We discussed how confirmation bias and priming may have played a role in these studies.

Toward the end of the day the students experienced a theoretically fully silent classroom. This was met with much joy and some chagrin. You can probably guess which side your student fell on. During the silence we learned a new game called stag and hare. This is a game theoretical design intended to simulate peoples ability to forgo their self preservation instincts and participate in a common goal. We ended the day with some analysis of this game left for tomorrow.

Last but not least, we are working on designing our own experiments for the class to undertake. Ask your student what ideas they have for their project so far.

Blake