JSM 2011 Online Program

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Activity Number: 222
Type: Topic Contributed
Date/Time: Monday, August 1, 2011 : 2:00 PM to 3:50 PM
Sponsor: Section on Statistical Education
Abstract - #301038
Title: Integrating Quantitative and Financial Literacy
Author(s): Joseph Ganem*+
Companies: Loyola University Maryland
Address: Department of Physics, Baltimore, MD, 21210,
Keywords: quantitative Literacy ; financial literacy ; personal finance ; math instruction resources ; behavioral finance ; high school math curriculum
Abstract:

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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