Teaching Risk and Probability: Building the Monopoly® Board Game Into a Probability Simulator

JOE GAZDULA, Richard Farr

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Abstract

This article describes the adaptation and use of the Monopoly® board game as a simple simulator to help introduce the principles of probability and risk. It focusses on teaching experiences in an undergraduate business program and offers a new approach to teaching probability and risk with dice to produce a collaborative simulated gaming environment. It allows students to be actively involved in developing the probability of throwing dice numbers and the analysis of risk and decision making in a competitive environment. Concluding with a probability analysis technique, it allows students to reflect on formal and informal approaches to decision making in risk environments and helps build communication for discussion, collaborative learning, and self-analysis among students.
Original languageEnglish
Article number1
Pages (from-to)1-11
Number of pages11
JournalManagement Teaching Review
Volume1
Issue number11
Early online date26 Apr 2019
Publication statusPublished - 30 Apr 2019

Keywords

  • probability
  • risk
  • Monopoly®
  • active learning
  • decision making

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