Experimental macroeconomics: a role-playing experience among bachelor students

Abstract

[EN] This current innovative education project has the main goal of introducing students to experimental economics to help them better understand complex macroeconomic concepts. For this purpose, it is used an online experimental platform to develop a role-playing dynamic with which students become real economic agents. This gamified technique allows students to interact with each other in the goods and production factors markets and, thus, generate a circular flow studied as one of the main macroeconomic principles. The online platform is conceived as a two-sided website: on one hand, students are assigned a role and asked to make decisions; and, on the other, professors can instantaneously access results in order to explain participants the consequences of their choices. This innovation had a three-step approach. In the first place, students participated in the internet-based experiment according to the instructions provided by the teaching team. Subsequently, there was a discussion around the main results and their connection with macroeconomic theory. Secondly, students were asked to analyze both the experience and the learning outcomes through a report following well-defined guidelines. Lastly, students evaluated themselves as a co-evaluation practice. This horizontal evaluation promotes students’ understanding of the topic due to empathy development and raising awareness of other fellows’ efforts. To evaluate the effectiveness of the activity, a survey using a Likert scale was conducted as well as an examination of co-evaluation procedures. Results show high levels of engagement, enhanced motivation due to role-playing and satisfaction due to this gamified experience that raises students’ levels of attention by incorporating competition and reward-based mechanisms.