Summary:
1. Decision-making skills are crucial in business education, and incorporating behavioural sciences in the economics and business management curricula is essential.
2. Behavioral economics and finance have become integral to modern business research and teaching, with interdisciplinary decision-making recognized.
3. The author integrated behavioral elements into high school classrooms through experiments and simulations in 2022.
4. Language Learning Models (LLMs) offer ease of adaptation, "teacher friendliness", personalized learning, and immediate feedback in simulations.
5. Wharton Business School's simulation program consists of four different strands, demonstrating the effectiveness of simulations.
6. The author adapted Mollick & Mollick's (2023) sample prompt for secondary school students, ensuring compatibility, realism and engagement.
7. Modern LLMs understand prompts in natural language, and prompts in standard language are easier to modify.
8. Outlining key decisions and creating decision nodes provide structure, while a competitive element maintains engagement.
9. The pilot of running business simulations with LLMs has proven successful, with the potential to personalize learning experiences.
10. Continued exploration and integration of AI-powered business simulations into education is crucial for equipping students with necessary skills.
Background
In the dynamic world of business education, the ability to make effective decisions is a skill that stands the test of time. As an educator with extensive experience in the classroom, I have witnessed the profound impact of incorporating behavioural sciences and tools into the curriculum. By providing students with a comprehensive understanding of human behavior and the factors that influence decision-making processes, we equip them with the necessary foundation to tackle complex business challenges.
