This is the presentation from our first Webinar conducted on 5th, January, 2013. In this presentation, we build a case for the use of Business Simulations and Games in Education, Learning and Training. To join in our future Webinars, please login to www.epiphanylearning.co.in.
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Imagine that a country is preparing for the outbreak of an unusual disease, which is expected to kill 600 people. Two alternatives programs to combat the disease have been proposed. Assume that the exact scientific estimates of the consequences of the programs are as follows:
Choose an option from below
1. If Program A is adopted, 200 people will be saved.
2. If Program B is adopted, there is one-third probability that 600 people will be saved and two-thirds probability that no people will be saved.
Which of the two programs would you favour?
From Daniel Kahneman and Amos Tversky – Choices, Values and Frames
Imagine that a country is preparing for the outbreak of an unusual disease, which is expected to kill 600 people. Two alternatives programs to combat the disease have been proposed. Assume that the exact scientific estimates of the consequences of the programs are as follows:
Choose an option from below
1. If Program C is adopted, 400 people will die.
2. If Program D is adopted, there is one-third probability that nobody will die and a two-thirds probability that 600 people will die.
Which of the two programs would you favour?
From Daniel Kahneman and Amos Tversky – Choices, Values and Frames
In experiments run by Kahneman and Tversky, Most people selected options A and D (Did you as well?)
The outcome of Program A, B are indistinguishable from outcome of Program C and D. However, people often chose Program A in Question 1 and Program D in Question 2
From Daniel Kahneman and Amos Tversky – Choices, Values and Frames
Program A Risk Averse
Program D Risk Taking
The choices seems to be more heuristic (thumb rule) in nature.Be risk averse when you have a gain and risk taking when you are about to incur a loss.
Simulations provide an environment in which learners can take critical decisions in a safe environment and receive feedback on their decisions almost immediately. This facilitates active exploration of relationships and inter-connectedness of components in a system.
In simulations, making mistakes is a norm that leads to insights and reflections.
Monday, April 10, 2023
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Decision Making and Feedback
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Learners apply knowledge and make decisions. Feedback is immediate.
“While case method teaching is a wonderful way to examine theories or frameworks statically, simulations give students a temporal dimension, an opportunity to experience outcomes that change based on their inputs over time. Students get the tacit experience of making mistakes, learning from those mistakes, and then refining their decision making.”