모의 주식 투자 프로젝트의 학습 성과 분해

Abstract

The disaggregation and detailed examination of the learning processes’ data that form the basis and the application of the learners’ knowledge allows to obtain additional valuableinformation that would, otherwise, have been overlooked when simply analyzing the aggregated data. This study analyzes the stock and the flow of the economic and financial knowledge among 481 college students who engaged in a stock market simulation project, and further disaggregates the multiple-choice data into four learning types, based on the pattern of pre-test and post-test responses: positive learning, retained learning, zero learning, and negative learning. The difference between pre- and post-test scores is mostly contributed by positive learning, but negative learning is also present. Likewise, the post-test score can be split into retained learning and positive learning components: the larger the contribution from retained learning, the smaller the contribution from positive learning. The regression results show that males, nonfreshmen, and students with experience in stock investing have more prior economic and financial understanding of the stock market. However, after engaging in the stock market simulation project, the differences in the scores mostly disappear due to knowledge catch-up. Gender, academic year, stock investment experience, reading economic articles, and the desire to engage in real stock investments are identified as factors influencing the stock, flow, and learning types of the economic and financial knowledge. Recognizing the categories that reflect zero learning and their content elements, and then incorporating those findings into the development and modification of the economic and financial education programs can further enhance the educational outcomes.