Title: The educational relevance of experimental economics: a web application for learning entrepreneurship in high schools, universities and workplaces

Authors: Gianfranco Giulioni; Edgardo Bucciarelli; Marcello Silvestri; Paola D'Orazio

Addresses: Department of Philosophical, Pedagogical and Economic-Quantitative Sciences, "G. D'Annunzio" University, Chieti, Italy ' Department of Philosophical, Pedagogical and Economic-Quantitative Sciences, "G. D'Annunzio" University, Chieti, Italy ' Department of Philosophical, Pedagogical and Economic-Quantitative Sciences, "G. D'Annunzio" University, Chieti, Italy ' Department of Philosophical, Pedagogical and Economic-Quantitative Sciences, "G. D'Annunzio" University, Chieti, Italy

Abstract: In this paper, we present a web-based software model in which the user manages a virtual enterprise. By using the software, the user experiences a number of basic economic principles such as the financial leverage, the effect of depreciation and the key role of the equity base in a framework characterised by risk and uncertainty. The software was initially used in an undergraduate class. Students recognised the usefulness of this tool in experiencing the theoretical principles learned during lectures. We then asked different subject pools, i.e. high school students and entrepreneurs, to manage the same graphical user interface. A comparative analysis of the results obtained in the three pools demonstrates that our software is an effective learning tool.

Keywords: experimental economics; object-oriented programming; OOP; web 2.0; virtual learning environment; VLE; educational data mining; technology enhanced learning; capital structure management; balance sheet liabilities management; Hyman Minsky; economic thought; virtual enterprises; financial leverage; depreciation; equity base; management education; entrepreneurship; high schools; secondary education; universities; higher education; workplace learning.

DOI: 10.1504/IJTEL.2013.059494

International Journal of Technology Enhanced Learning, 2013 Vol.5 No.3/4, pp.240 - 270

Received: 23 Aug 2013
Accepted: 05 Dec 2013
Published online: 23 Sep 2014 *

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