developments in economics education conference mba students and threshold concepts in economics dr...
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![Page 1: Developments in Economics Education Conference MBA students and threshold concepts in Economics Dr Keith Gray, Peri Yavash & Dr Mark Bailey* Coventry University](https://reader035.vdocuments.mx/reader035/viewer/2022062408/56649f345503460f94c50e9f/html5/thumbnails/1.jpg)
Developments in Economics Education Conference
MBA students and threshold concepts in Economics
Dr Keith Gray, Peri Yavash & Dr Mark Bailey*
Coventry University & *University of Ulster
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1. Main Aims
• Examine ‘economic awareness’ of MBA students
• Identify most problematic threshold concepts
• Design materials to enhance understanding and performance
• Identify factors affecting student performance in general
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• Discipline: economic systems, opportunity cost, gains from trade, the margin, welfare
• Personal: profits, incentives, price/cost, economic definitions
• Procedural: competition, externalities, elasticity, competition
2. Primary Research Tool
Multiple–choice test devised which included the three categories of threshold concepts:
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2.1 Research Time Horizon (Cohort 1 Sept 2006 & Cohort 2 Feb 2007)
Baseline Multi-choice test (week 1)
End Multi-choice test (week 10)
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2.2 Comparability of Cohorts
Comparable re
– Minimum qualifications– Minimum graduate experience– Minimum English scores– Tutor– Kolmogorov-Smirnov test
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2.3 Data Collection • Cohort 1 - answered the same multiple choice questions
at the beginning and end of their course
• Most problematic threshold concepts identified
• New teaching materials devised
• Cohort 2 – answered the same multiple choice questions at the beginning and end of their course, but new teaching materials and learning environment included
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2.4 Performance for different types of threshold concepts
Table 2.1: Cohort 1 – Performance for Discipline Threshold Concepts ( % of students who achieved the correct answer).
Discipline Threshold Concepts
Question 1 3 5 10 11 15 18 19 20 Ave Beginning 92 72 74 52 76 54 84 90 74 74
End 94 60 80 58 88 82 80 86 76 78 % change
(value added)
2.2 -16.7 8.1 11.5 15.8 51.9 -4.8 -4.4 2.7 2.7
Opp
ortu
nity
Cos
t
Eco
nom
ic s
yste
ms
Mar
gin
Mar
gin O
ppor
tuni
ty C
ost
Gai
ns f
rom
trad
e
Gai
ns f
rom
trad
e
Wel
fare
Opp
ortu
nity
Cos
t
Opp
ortu
nity
Cos
t
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Table 2.2: Cohort 1 – Performance for Personal Threshold Concepts ( % of students who achieved the correct answer).
Personal
Threshold Concepts
Question Number
2 4 6 9 13 16 Ave %
Beginning of course
86 78 84 82 66 44 73
End of course
70 90 90 30 92 82 75
% change (value added)
-18.6 15.4 7.1 -63.4 39.4 86.8 5.4
Pro
fit
Ince
ntiv
es
Eco
nom
ic
Def
init
ions
Pri
ce/C
ost
Pri
ce/C
ost
Pri
ce/C
ost
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Procedural Threshold Concepts
Question
7 8 12 14 17 Ave %
Beginning
16 56 76 80 50 56
End
80 58 46 20 78 57
% change (value added)
400 3.6 -39.5 -75 56 1.8
Ext
erna
litie
s
Ela
stic
ity
Com
peti
tion
Com
peti
tion
Com
peti
tion
Table 2.3: Cohort 1 – Performance for Procedural Threshold Concepts ( % of students who achieved the correct answer).
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2.5 The most problematic threshold concepts?
• Defined as all questions (concepts) which had negative value added
Problem
Threshold Concepts
Question 3 18 19 2 9 12 14 % change
(value added)
-16.7 -4.8 -4.44 -18.6 -63.4 -39.5 -75
Opp
ortu
nity
Cos
t
Opp
ortu
nity
Cos
t
Pric
e/C
ost
Com
petit
ion
Opp
ortu
nity
Cos
t
Pric
e/C
ost
Ela
stic
ity
Table 2.4: Problematic threshold concepts (negative value added)
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Additional problem questions?
• Questions which less than 40% of students answered correctlyQ9 Price/Cost
Q14 competition (both already included)
• Questions which only 40-50% of students answered correctlyQ12 Elasticity (already included)
• Questions which only 50-60% of students answered correctlyQ10 Margin Q8 Externalities
For all other questions, 60-94% of students obtained the correct answer.
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Most Problematic Threshold Concepts
• Opportunity Cost
• Price/Cost
• Competition
• Margin
• Elasticity
• Externalities
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3. Pedagogical Developments in teaching materials for Cohort 2
• Bespoke mini–cases in seminars, e.g. Pricing and Costs in Airline Industry
• Integration of seamless video clips in lectures, e.g. Work/Leisure Balance (opportunity cost and margin)
• Integration of more Q & A sessions in lectures, covering all “problematic” threshold Concepts
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4. Comparison of results for Cohort 1 and Cohort 2
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4.1 Overall comparison of value added for Cohort 1 and Cohort 2
0
2
4
6
8
10
12
Discipline Procedural Personal
Cohort 1
Cohort 2
Graph 4.1: Comparison of Value Added for cohorts 1 and 2
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4.2 Comparison of results for problematic threshold concepts
Threshold Concepts
Question Number
3 18 19 2 9 12 14 10 8
% change (value added)
Cohort 1
-16.7
-4.8
-4.44
-18.6
-63.4
-39.5
-75
11.5%
3.6%
Cohort 2
6.7% 3.6% 10.7% 5.26% 5.26% 25% 19.2% 10.7% 20%
Opp
ortu
nity
C
ost
Opp
ortu
nity
C
ost
Pri
ce/C
ost
Com
peti
tion
Opp
ortu
nity
C
ost
Pri
ce/C
ost
Ela
stic
ity
Mar
gin
Ext
erna
liti
es
Table 4.2: Comparison of value added for Cohort 1 and Cohort 2
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5. Performance Indicators and Models
5.
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Baseline
Multi –choice (mc)
(week 1)
End Multi –choice
(week 10)
Formative Test
(week 5)
Phase
Test
(week 8)
Essay
(week 10)
Mod
Mark
Cohort 1
Cohort 2
.589**
.275
.460**
.526**
.229
.177
.022
.141
.170
.179
Cohort 1
Cohort 2
N=
N=
50
38
45
34
57
35
57
35
57
35
Table 5.1: Cohort 1 & Cohort 2: Pearson Correlations
Commentary: Baseline Correlations
a) Relatively strong (+) correlation between Base & End mc for Cohort 1Highly sig. relationship Base & End mc for Cohort 1 only
b) Strong (+) correlation & highly sig. relationship re Base & Formative test
for both cohorts c) No clear pattern re other assessments or statistically sig. relationships
Note: ** or ** = Highly significant at 99% confidence level
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Table 5.2: Cohort 1 & 2: Pearson Correlations:
N=50
N=38Personal End
Discipline End
Procedural End
Personal Baseline
.506**
.324*
Discipline Baseline
.470**
.160
Procedural Baseline
.312*
.198Note: ** = Highly significant at 99% confidence level * or * = Significant at 95% confidence level
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Other Comments on Table 5.2:
Sig. relationship between Baseline & End mc for Personal categories only for Cohort 2
Notable that strength of correlation & sig. lower across the board for Cohort 2
Why? ....... performance models
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Performance Model
Present a Tobit regression model Module mark as dependent variable General to specific approach Following table records a range of included
variables/ results
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Gender 3.246 1.68
Econ education 9.005 3.18
Business Education 7.795 3.08
Science Education 11.829 4.23
Higher degree 4.776 2.11
Semester 1 - 1.999 -1.37
S. E. Asia - 5.694 -2.74
Baseline Personal -.001 -.02
Baseline Procedural . 061 1.65
Baseline Discipline .037 .91
Constant 43.039 9.45
Coefficient t - value
Nos. observations 84Chi – squared 33.16Pseudo – R2 0.3114
Table 5.3: Tobit Model
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Tobit Model Commentary: Highlights
• Ceteris paribus, females score 3.24% higher than males• Having a science degree raises scores by 11.8%• Having an economics degree raises scores by 9%• Notably, studying in Semester 1 lowers scores by 2%• No threshold concept related variables significantly
affected performance• Large constant may hide the effect of the teaching
strategies used
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6. Conclusions
• Revised pedagogy focusing on the most problematic threshold concepts appears, ceteris paribus, to have had a positive impact on the understanding of these threshold concepts (re multi-choice test performance)
• This finding may reflect the nature of Coventry University MBA students, limiting its general applicability
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• The weakness of threshold concept related variables in explaining overall performance may reflect the characteristics of the chosen dependent variable (module mark)
• Available data will allow regression of threshold concept related variables and other independent variables against other dependent variables, e.g. summative components
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Short Bibliography
• Davies, P. & Mangan, J. (2005) Embedding Threshold Concepts: from theory to pedagogical principles to learning activities, Working Paper 3, Embedding Threshold Concepts
http://www.staffs.ac.uk/schools/business/iepr/info/Economics(2).html
• Maddala, G.(1992), Limited Dependent & Qualitative Variables in Econometrics, Cambridge University Press