Contact

1
Contact

• My email is trkaplan_at_ex.ac.uk
• The course web address is www.ex.ac.uk/trkaplan/m
  icro.html

2
Guessing game

• Guess a number 0 to 100.
• The guess closest to 2/3 the average number wins
  a prize.
• Ties will be broken randomly.
• Please write your name and your guess on the
  piece of paper and turn it in to me.
• Dont let others see your guess!

3
Graph of guesses (two years ago)
Average was 36.7 (winning guess 24.5)
Six guesses were above 66.66
4
Guessing game

• Guess a number 0 to 100.
• The guess closest to 2/3 the average number wins
  a prize.
• Your average was
• Wharton average 40
• Caltech UG average was 30 (10 at 0)
• Economics Phds 25
• CEO average also 40.
• What would we expect if everyone is rational and
  thinks everyone else is rational?
• Now repeat this!

5
Graph of 2nd round guesses
Average was 12.4 (winning guess 8.3)
One guess was above 66.66
6
Good News/Bad News

• Good News Dont need much Calculus.
• Bad News You need to know Algebra.
• Good News You can increase your grade by doing
  the homework.
• Bad News If you dont do the homework, it may
  cause you to fail the class!

7
Good News/Bad News

• Good News Intro last year didnt require much
  math and most students passed.
• Bad NewsThis year will be more difficult!!
• Bad NewsTest will be very quantitative.
• Good News You can get very high marks.

8
FAQs

• Q I showed up to all lectures and tutorials yet
  did poorly on the exam. Why?
• A You should not only review after every
  lecture, but practice problems.
• Q I dont remember any Algebra. Am I doomed to
  get a 3rd or even fail?
• A No, in tutorials we will be spending the first
  two weeks reviewing Algebra and with study you
  can do it!! There is also a range of websites to
  help such as www.algebrahelp.com,
  www.algebra.com, www.sosmath.com. (Let me know if
  you find others that are worthwhile.) It just
  takes practice!

9
FAQs

• Q I didnt see this homework question before.
  How am I going to solve it?
• A You should learn how to solve problems that
  you havent seen before. Sort of like
  riddles/brain teasers. Even if you cant solve it
  alone, if you bang your head against the wall,
  you will remember when you finally see the answer
  .

10
Tutorials Format

• We will assign sessions. Announced on Thursday
  lecture. Let me know now if there is potential
  conflicts such as sports.
• Two types Experimental and Problem Solving.
• Experimental We will meet in the FEELE lab
  (sometimes XFI lab) and participate in
  computerized games.
• Objective To learn economics through
  participation. To be inspired to study the
  economic forces behind the experiment. To first
  hand see when theory works and when it doesnt.

11
Tutorials Problem Solving

• Objective Students learn by problem solving and
  develop presentation skills.
• Method 1 Break into groups each week a different
  group presents solutions to problem sets.
• Result Only those in the group prepared. Many
  members of a group were absent the day of
  presentation.
• Method 2 Pick students at random to give it a
  try.
• Result Since odds were low, some students just
  hoped for the best. Students did not seem to like
  this, even though all seemed to get through it.
  Sometimes painful for everyone involved.
• Method 3 Just ask for volunteers.
• Result Tutor just solved all the problems on the
  board.
• Please e-mail me any suggestions! We will choose
  the format on Thursday.