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Taking risks by flying paper airplanes

Authors

ALFONSO COSTILLO, ANTONIO

External publication

No

Means

Front. Educ.

Scope

Article

Nature

Científica

JCR Quartile

SJR Quartile

Publication date

24/01/2024

ISI

001158251900001

Scopus Id

2-s2.0-85184225378

Abstract

We propose an outdoor activity for game theory courses in which students are invited to fly self-made paper airplanes to earn points in three tests. The main goal of this outdoor classroom experiment is to help students learn by experiencing concepts of uncertainty in the domain of profit, specifically risk aversion. After the experiment, students are encouraged to reflect on decision making under uncertainty. We present a theoretical model to explain the decisions made by the participants, their optimal behavior and any deviations from it. Our activity aims to introduce the study of decision making under uncertainty through an experience.

Keywords

classroom experiments; expected utility theory