Behavioral

Dominant Strategies

The Kahoot provides a 2 x 2 payoff matrix so that students can identify the dominant strategy. Students who are careless or simply don’t understand what “marginal” means will typically identify the point where total product begins to fall but marginal product begins falling much sooner.

Course Used: Principles of Micro
Quiz Nature: Concept Review
Question Length: 1
Estimated Time to Play: 2-3 minutes with explanation.

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Behavioral

Allais Paradox

The Kahoot replicates the Allais Paradox. Maurice Allais received the Nobel Prize in Economics for demonstrating that income was a key determinant of risk preference. Before Allais economists assumed that people were either risk averse, risk neutral of risk takers and that their preferences did not change. It is our experience that 20-30 percent of your students will choose gambles 1 and B (just like Allais’ subject did over 30 years ago).

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 1
Estimated Time to Play: 5 minutes.

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Behavioral

Monty Hall Problem

Misperceptions of probabilities is one the human limitations that behavioral economists examine. One of the most famous examples is the Monty Hall problem, named after Monty Hall the original host of Let’s Make a Deal.  On the show Monty Hall would show the final contestant three doors and ask them to choose one. Then he would reveal a “goat” behind one of the doors the contestant did not choose. At that point, he’d then ask the contestant if they would like to switch doors. The contestant should since this gives them a 2/3rd chance of winning the grand prize but most don’t switch because they don’t want to regret the switch if it turns out that their first choice of doors is the winner. Regret is an important behavioral concept that causes people to make choices that fail to maximize the expected value of probability distributions. There is also a wonderful scene in 21 that explains the problem superbly:

Course Used: Principles of Micro
Quiz Nature: Discussion Starter
Question Length: 2
Estimated Time to Play: 5-8 with explanation of the mathematics.

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Behavioral

Gift Giving

This poll question is a great way to begin a discussion on the deadweight loss of gift giving (Waldfogel, 1993). After surveying your class with this Kahoot play a short video from Adam Ruins Everything:

Ask your students if they think gift giving really creates deadweight loss or did Waldfogel’s analysis miss any crucial valuations.

Course Used: Principles of Micro
Quiz Nature: Discussion starter
Question Length: 1
Estimated Time to Play: Anywhere from 2 to 10 minutes depending on how much follow-up is needed.

To request this Kahoot, please Contact Us.