Abstract
This paper introduces an innovative method to teach about risk and decision making through an engaging, interactive, and impactful experience learning activity. We simulate consequential decision making given uncertain outcomes by playing the TV game Deal or No Deal. The reflection and discussion allows students to observe how some decisions are behaviorally biased and can result in irrational decision making. Observing their personal behavior and reflecting on the root causes leads students to a deeper understanding of how humans make decisions given uncertain outcomes. Student engagement in the activity and positive student feedback suggests this method is effective.
Recommended Citation
(2026)
"Deal or No Deal? Teaching the Concepts of Risk and Decision Making Through an Experience Learning Activity,"
Journal of Economics and Finance Education: Vol. 20:
Iss.
1, Article 7.
Available at:
https://scholarship.rollins.edu/jefe/vol20/iss1/7
