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Abstract Details
Activity Number:
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222
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Type:
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Topic Contributed
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Date/Time:
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Monday, August 1, 2011 : 2:00 PM to 3:50 PM
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Sponsor:
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Section on Statistical Education
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Abstract - #301038 |
Title:
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Integrating Quantitative and Financial Literacy
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Author(s):
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Joseph Ganem*+
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Companies:
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Loyola University Maryland
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Address:
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Department of Physics, Baltimore, MD, 21210,
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Keywords:
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quantitative Literacy ;
financial literacy ;
personal finance ;
math instruction resources ;
behavioral finance ;
high school math curriculum
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Abstract:
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This paper proposes that financial literacy be integrated into the current math curriculum rather than taught separately because it is an ideal subject for teaching quantitative reasoning-a skill set for which educational assessments consistently show student deficits. Some educators have argued that improvement in students' quantitative reasoning ability would improve higher-order math skills-such as algebra-and reduce the growing need for remedial college math. The personal finance problems given for teaching quantitative reasoning are examples of "obvious benefit/hidden cost" problems. These are based on studies in the interdisciplinary field of behavioral finance of consumer responses to "framing" of financial propositions. Presented in this paper are Web-based instructional resources created using the Flash programming language that illustrate examples of "obvious benefit/hidden cost" problems. Each Flash calculator provides one possible quantitative decision-frame and is accompanied by a short description that explains the reasoning.These instructional resources are available for use on the Web at http://www.ComputeGasSavings.com, and http://www.GoldPricingOnline.com.
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