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Cnn Money 101 Lesson 13 Homework

Predictably Irrational

Teacher’s Instructions

Format: Letter from Dan (with his picture)

 

Dear Teachers:

 

Thanks for your interest in Predictably Irrational and the field of human decision-making/behavioral economics.  My objective for writing accompanying lessons plans for each chapter was two-fold: 1) to expose students to behavioral economics as a discipline and improve their decision-making skills; and 2) to stimulate interest in research and human behavior through the active participation of students in experiments.

 

I wrote the lessons plans with flexibly in mind.  First, all of the lesson plans can be adapted for advanced students and grades by requiring additional reading, larger sample sizes for the experiments, and/or statistical analysis.  Second, I also wrote them as broadly as possible to be applicable for number of classes, including psychology, economics, government, and business.  Third, with the exception of the Introduction and Chapter 13, each lesson plan is independent of one other, so they can be taken out of order or used individually.  I do however strongly recommend assigning the Introduction before assigning any other chapter, because it will introduce the student to behavioral economics as a discipline.

 

I hope you enjoy using the lessons as much as I enjoyed coming up with them.  In that vein, I hope you’ll use your own implementation as a chance for you to experiment with what works and share with me and others your experience, ideas, and adaptations. 

 

Predictably irrational,

Dan Ariely


 

Predictably Irrational

Introduction

Lesson Plan – DRAFT 2

 

Objectives

 

Students will:

  • Learn about the field of study called behavioral economics.
  • Understand the major differences between traditional economics and behavioral economics.

 

Materials

 

The class will need the following:

 

  • Copies of the Introduction – give the chapter from the book to read as homework.
  • Copies of Related Academic Papers (Optional) – give out the articles beforehand to read as homework.
      • Daniel Kahneman, Barbara L. Fredrickson, Charles A. Schreiber, and Donald A. Redelmeier, “When More Pain Is Preferred to Less: Adding a Better End,” Psychological Science (1993).
      • Donald A. Redelmeier and Daniel Kahneman, “Patient’s Memories of Painful Medical Treatments—Real-Time and Retrospective Evaluations of Two Minimally Invasive Procedures,” Pain (1996).
      • Dan Ariely, “Combining Experiences over Time: The Effects of Duration, Intensity Changes, and On-Line Measurements on Retrospective Pain Evaluations,” Journal of Behavioral Decision Making (1998).
      • Dan Ariely and Ziv Carmon, “Gestalt Characteristics of Experienced Profiles,” Journal of Behavioral Decision Making (2000).

 

Procedures

 

DAY 1

 

  1. Assign students to read Introduction for homework. Assign optional Academic Papers.  Assign optional “In the News” pieces.


DAY 2 – BOOK DISCUSSION

 

  1. Begin the lesson by asking students what they think about the Introduction. Do they agree more with the traditional economists or the behavioral economists?  What interests them about this field of study?
  2. Have them think of examples from their own life when they acted irrationally versus rationally.


Test Your Knowledge (Correct answers are highlighted in BOLD)

 

  1. What is the major way in which behavioral economics differs from a traditional economics?

a)     Behavioral economics works with more practical topics and traditional economics deals more in the abstract. 

b)     Behavioral economics assumes that there is more to the story than traditional economics and probes further into human behavior.

c)     Traditional economics believes that humans are capable of making the right decisions for ourselves and behavioral economics believes that humans are capable of making decisions, but often in an imperfect way.

d)     Traditional economics assumes that everyone is rational and behavioral economics assumes that everyone is irrational.

 

  1. If you could be a behavioral economist for a day, what experiment would you conduct? What would you try to test? Where would you conduct it?

 

  1. What are the major differences between traditional economics and behavioral economics?  Use a story from your own life to explain your answer.

 

  1. A woman is on a diet and gives in one night while out of town and orders a hamburger and french fries from room service.  How would traditional economics explain this action?  Provide two ways in which behavioral economics could explain this behavior?

 

 


 

Predictably Irrational

Chapter 1 – The Truth of Relativity

Lesson Plan – DRAFT 4

 

Objectives

 

Students will:

  • Learn how relativity helps and also distorts the decisions in their life.
  • Become more aware of its impact on their life and learn ways to improve their decision-making ability.
  • Apply the lessons learned from Chapter 1 through recent newspaper articles and their own life experience
  • Apply the lessons learned from Chapter 1 through an experiment.

 

Materials

 

The class will need the following:

 

  • Copies of Chapter 1 – give the chapter from the book to read as homework. 
  • Copies of Related Academic Papers (Optional) – give out the articles beforehand to read as homework.
      • Amos Tversky, “Features of Similarity,” Psychological Review, Vol. 94 (1977).
      • Amos Tversky and Daniel Kahneman, “The Framing of

     Decisions and the Psychology of Choice,” Science (1981).

      • Joel Huber, John Payne, and Chris Puto, “Adding Asymmetrically Dominated Alternatives: Violations of Regularity and the Similarity Hypothesis,” Journal of Consumer Research (1982).
      • Itamar Simonson, “Choice Based on Reasons: The Case

                             of Attraction and Compromise Effects,” Journal of Consumer                                       Research (1989).

§         Amos Tversky and Itamar Simonson, “Context- Dependent Preferences,” Management Science (1993).

§         Dan Ariely and Tom Wallsten, “Seeking Subjective Dominance in Multidimensional Space: An Explanation of the

                             Asymmetric Dominance Effect,” Organizational Behavior

                             and Human Decision Processes (1995).

§         Constantine Sedikides, Dan Ariely, and Nils Olsen, “Contextual and Procedural Determinants of Partner Selection: On Asymmetric Dominance and Prominence,” Social Cognition (1999).

  • Copies of the “In the News” articles (Optional)
  • Copies of the Experiment: Visual Illusion
    • Supplies
      • Copies of Excel Spreadsheets
      • Color copies of PowerPoint slides

 

Procedures

 

DAY 1

 

  1. Assign students to read Chapter 1 for homework. Assign Academic Papers (optional).  Assign “In the News” pieces (optional).


DAY 2 – BOOK DISCUSSION

 

1.  Begin the lesson by asking students what they think about Chapter 1.        Discuss with them the effects of relativity in everyday life and how it alters         our decision-making ability.  Is relativity all bad?  What are the       advantages and disadvantages?

2.  Have them think of examples from their own life.

  1. Have them brainstorm either as individuals or in groups about solutions to these problems.
  2. If you assigned the In the News items, start a discussion with the students about them.  If you did not assign the In the News items, begin by describing the articles and then start the discussion.  Talk to them about how relativity can be used to better understand these real-world situations.
  3. Discuss the one or more of the optional Academic Papers.  
  4. Assign the Experiment.  Working individually or with partners, students will conduct the Experiment and answer the following questions:

·        What is the hypothesis?

·        What do you expect that the results will look like if the experiment is successful?

·        What do you expect that the results will look like if the experiment fails?


DAY 3
(a few days later, if possible) – EXPERIMENT DISCUSSION

 

  1. Before class, combine the results from the individuals or teams on the excel spreadsheet provided and review the data patterns.  *Alternatively, you can assign one team for each experiment to be in charge of collecting the results, analyzing them, and presenting them to the class.
  2. During class, review the results.  Discuss any major data patterns.   

·        Was the hypothesis correct?

·        As you conducted the experiment, how did it feel to know the correct answer, but watch others make mistakes because of the visual illusion?

·        What did you learn from the experiment about relativity? 

·        What could you do to improve the experiment?

·        What other versions of the experiment could be interesting to test?

 

In the News

 

Cheeseburger to Cost a Beefy £85

          The Sun, May 20, 2008

http://www.thesun.co.uk/sol/homepage/news/article1077128.ece

 

Entrees Reach $40

          New York Times, October 21, 2006

http://www.nytimes.com/2006/10/21/dining/21plate.html?em&ex=1161662400&en=45f230094ebbd16c&ei=5070

 

Gilded Paychecks: Lure of Great Wealth Affects Career Choices

          New York Times, November 27, 2006

http://www.commondreams.org/headlines06/1127-09.htm

 

The Web World, Rich Now Envy Superrich

          New York Times, November 21, 2006

          http://www.nytimes.com/2006/11/21/technology/21envy.html?fta=y

 

Pursuing Happiness

          New York Times, March 29, 2000

          http://www.tomcoyner.com/pursuing_happiness.htm


Test Your Knowledge (Correct answers are highlighted in BOLD)

 

  1. An expensive restaurant has ordered too many cases of Wine X.  What should the restaurant manager do? 

a)     Give every table a free glass to generate interest

b)     Cut the restaurant’s losses – reduce the price so that it’s the cheapest wine on the menu

c)     Offer the wine at a slight discount, making it the second least expensive wine of wines offered on the menu

d)     Offer a free plate of curly cheese fries with every purchase of the wine

 

  1. The Sears catalog has just introduced a new, larger Craftsman nail gun and priced it at $121.  They already had a similar Craftsman nail gun, but it was a little smaller and priced at $71.  Based on behavioral economics, what do you expect will happen?

a)     Customers will evaluate the nail guns based on their individual needs and total sales will be split between the two models

b)    Customers will be disproportionably drawn to the less expensive model

c)      Customers will think, “bigger is better” and decide to buy the new, slightly more expensive model and sales will increase

d)     The amount of choice will be too much and less people will buy nail guns overall

 

3.     All else equal, when deciding to bring a friend to a bar to help you pick up a date, you should do the following.

a)     Bring an attractive friend who looks as though he/she could be your twin

b)     Bring an unattractive friend to make you look better in contrast

c)     Bring along friend who is similar but a slightly less attractive version of you

d)     Bring a friend who is drop dead gorgeous

 

  1. Which of the following might help a person make more rational spending decisions:

a)     Think about what percentage of your current bank balance will be used for a purchase

b)     Think about a purchase in terms of how many hours of work it costs (at your hourly wage)

c)      Make a purchase only if it has been discounted

d)     Make a ‘mental account’ for each type of purchase, and never spend more than the mental account’s value

 

  1. Consider the assertion in the news article, The Web World, Rich Now Envy Superrich, that it is inevitable that the more you have, the more you want. If you decided today that you wanted to resist this type of irrational behavior, what steps could you take to make this happen? 

 

  1. Give a real-world example where our desire to compare similar things causes us to be irrational.  What ideas do you have on how we could break that cycle of irrationality?

    

 

 

 

 


 

Predictably Irrational

Chapter 1 – The Truth about Relativity

Student Handout

Experiment – Visual Illusion

 

  1. MATERIALS: You will be given a deck of PowerPoint slides to conduct your experiment.  You will also be given an excel spreadsheet to help you conduct the experiment and collect the data.  It will include a tab where you can state your hypothesis and another tab to record your results.  You will submit the final excel spreadsheet to your teacher.
  2. PRE-EXPERIMENT: Go over the details of the experiment carefully.  Using the excel spreadsheet, record your hypothesis and answer the questions included in the tab. 
  3. EXPERIMENT: Go to a busy mall, a library, or any public place.  Go through each slide with each respondent – starting at 1 and ending at 10.  You should run through the slides with at least 20 respondents.  
    1. Ask each respondent to look at the PowerPoint slide carefully.  Have them tell you which yellow circle is bigger – the one on the left or the one on the right?
    2. Repeat this for each slide and record their response.
    3. Record their answer on your form.  It is important that each person’s answer is kept confidential from the other respondents.
  4. RECORD-KEEPING: Once you have finished, open the Excel Spreadsheet associated with this experiment and record your answers from your form.  Double-check that each response is recorded accurately.  Follow your teacher’s instructions about how to get the results to him or her.

 


 

Predictably Irrational

Chapter 2 – The Fallacy of Supply and Demand

Lesson Plan – DRAFT 4

 

Objectives

 

Students will:

  • Learn how our first impressions and decisions become imprinted and how these imprints can alter our perspective.
  • Become more aware of its impact on their life and learn ways to improve their decision-making ability, especially on purchasing behavior.
  • Apply the lessons learned from Chapter 2 through recent newspaper articles and their own life experience
  • Apply the lessons learned from Chapter 2 through an experiment.

 

          *This lesson could be used in an English or Literature class while reading Mark Twain’s The Adventures of Tom Sawyer

 

Materials

 

The class will need the following:

 

  • Copies of Chapter 2 – give the chapter from the book to read as homework.
  • Copies of Related Academic Papers (Optional) – give out the articles beforehand to read as homework.
    • Related Academic Papers
      • Dan Ariely, George Loewenstein, and Drazen Prelec, “Coherent Arbitrariness: Stable Demand Curves without Stable Preferences,” Quarterly Journal of Economics (2003).
      • Dan Ariely, George Loewenstein, and Drazen Prelec, “Tom Sawyer and the Construction of Value,” Journal of Economic Behavior and Organization (2006).
      • Cass R. Sunstein, Daniel Kahneman, David Schkade, and Ilana Ritov, “Predictably Incoherent Judgments,” Stanford Law Review (2002).
      • Uri Simonsohn, “New Yorkers Commute More Everywhere: Contrast Effects in the Field,” Review of Economics and Statistics (2006).
      • Uri Simonsohn and George Loewenstein, “Mistake #37: The Impact of Previously Faced Prices on Housing Demand,” Economic Journal (2006).
  • Copies of the “In the News” articles (Optional)
  • Copies of the Experiment: What is Chocolate Worth?
    • Supplies
      • Copies of Excel Spreadsheets
      • 3 pieces of lower quality chocolate (ex: Hershey’s) and 3 higher quality chocolate truffles (ex: Godiva) per group

 

Procedures

 

DAY 1

 

1.  Assign students to read Chapter 2 for homework. Assign Academic Papers          (optional).  Assign “In the News” pieces (optional).


DAY 2 – BOOK DISCUSSION

 

  1. Begin the lesson by asking students what they think about Chapter 2.  Discuss with them about the impact of imprinting/anchoring. Ask in what ways it might alter their purchasing behaviors.
  2. Have them think of examples from their own life.
  3. Have them brainstorm either as individuals or in groups about solutions to these problems.
  4. If you assigned the In the News items, start a discussion with the students about them.  If you did not assign the In the News items, begin by describing the articles and then start the discussion. Talk to them about these real-world situations and how these people are impacted by imprinting/anchoring and how successful marketing can take advantage of this situation. 
  5. (Optional) Discuss the famous chapter in The Adventures of Tom Sawyer, the one in which Tom turns the whitewashing of Aunt Polly’s fence into an exercise in manipulating his friends. Tom applies the paint with gusto pretending to enjoy the job.  Do you call this work? Tom tells his friends.  “Does a boy get a chance to whitewash a fence everyday?” Armed with this new “information,” his friends discover the joys of whitewashing a fence.  Before long, Tom’s friends are not only paying for the privilege, but deriving pleasure from the task. How does Tom get his friends to change their mind? [changing their “imprint” of what is work and what is play ] Ask the students to think about other examples of this principle.
  6. (Optional) Discuss the one or more of the Academic Papers with them.  
  7. Assign the Experiment.  Assign the students into groups and give them the information for both conditions. Students will conduct the Experiment and answer the following questions:

·        What is the hypothesis?

·        What do you expect that the results will look like if the experiment is successful?

·        What do you expect that the results will look like if the experiment fails?

 

DAY 3 (a few days later, if possible) – EXPERIMENT DISCUSSION

 

  1. Before class, combine the results from the individuals or teams on the excel spreadsheet provided and review the data patterns.  *Alternatively, you can assign one team for each experiment to be in charge of collecting the results, analyzing them, and presenting them to the class.
  2. During class, review the results.  Discuss any major data patterns.   

·        Was the hypothesis correct?

·        What did you learn from the experiment about imprinting/anchoring? 

·        What could you do to improve the experiment?

·        What other versions of the experiment could be interesting to test?

 

In the News

 

The World’s Best Chocolate: Worth the Price?

          CNN, April 7, 2003

          http://money.cnn.com/2003/04/16/pf/saving/q_chocolate/index.htm

 

Chocolate Taste Test

          Money Magazine, February 14, 2007

          http://money.cnn.com/galleries/2007/moneymag/0702/gallery.chocolate/i ndex.html

 

Test Your Knowledge (Correct answers are highlighted in BOLD)

 

  1. The idea that demand depends on supply suggests that:

a)     If we increase prices, demand will go down forever (as long as the other things do not change)

b)     If we increase prices, demand will initially go up forever (as long as the other things do not change)

c)      If we increase prices, demand will go down less than we expect but for a longer period of time than we expect

d)    If we increase prices, demand will go down less than we expect and for a shorter period of time than we expect

 

  1. In what way does human decision-making resemble that of a gosling?

a)     It takes time for them to learn how to swim

b)    First decisions become imprinted for a long time

c)      They need adults to teach them survival skills

d)     They follow the first adult figure they see when they are born

 

  1. In general, Human beings:

a)     Are better at determining relative value than absolute value

b)     Are good at determining absolute value, but don’t think about how different values compare

c)      Value other people’s possessions more than our own

d)     All of the above

 

  1. The self-herding model suggests that instead of considering only their preferences, people use:

a)     Their attitudes

b)     Their gut feelings

c)     Their memories

d)     A cost benefit analysis

 

  1. Imagine that you have to convince a small child to go to his or her first day of school.  Keeping in mind the lessons learned from this chapter, what would be the best thing to say to this child?

 

  1. Do you think that the internet can change the concept of imprinting/anchoring as it relates to price perceptions?  Why or why not?

 


 

Predictably Irrational

Chapter 2 – The Fallacy of Supply and Demand

Student Handout

Experiment – What is Chocolate Worth?

 

  1. MATERIALS: You will be given two types of chocolates to conduct your experiment - 3 pieces of lower quality chocolate (ex: Hershey’s) and 3 higher quality chocolate truffles (ex: Godiva).  You will also be given an excel spreadsheet to help you conduct the experiment and collect the data.  It will include a tab where you can state your hypothesis and another tab to record your results.  You will submit the final excel spreadsheet to your teacher.
  2. PRE-EXPERIMENT: Go over the details of the experiment carefully.  Using the excel spreadsheet, record your hypothesis and answer the questions included in the tab. 
  3. EXPERIMENT: Go to a busy mall, a library, or any public place and complete each condition with at least 10 respondents.  It is important that you follow each condition described in the instructions carefully.  It is also important that each person’s answer is kept confidential from the other respondents.

                                                              i.      CONDITION 1:  

1.     Show the higher quality truffle to the respondent. Keep the lower quality truffle hidden from site.

2.     Ask him or her – “Hypothetically, would you purchase this chocolate truffle for 25 cents?” They will say – yes or no.  Record this response. 

3.     Ask him or her – “What is the maximum you would be willing to pay for this truffle?”  They will give you a price.  Record this response. 

4.     Now, show them the lower quality chocolate.

5.     Ask him or her – “What is the maximum you would be willing to pay for this chocolate?”  They will give you a price.  Record this response.

                                                            ii.      CONDITION 2:

1.     Show the lower quality chocolate to the respondent. Keep the higher quality truffle hidden from site.

2.     Ask him or her – “Hypothetically, would you purchase this chocolate for 5 cents?” They will say – yes or no.  Record this response. 

3.     Ask him or her – “What is the maximum you would be willing to pay for this chocolate?”  They will give you a price.  Record this response. 

4.     Now, show them the higher quality chocolate.

5.     Ask him or her – “What is the maximum you would be willing to pay for this truffle?”  They will give you a price.  Record this response. 

  1. RECORD-KEEPING: Once you have finished, open the Excel Spreadsheet associated with this experiment and record your answers from your form.  Double-check that each response is recorded accurately.  Follow your teacher’s instructions about how to get the results to him or her.

 


 

 

Predictably Irrational

Chapter 3 – The Cost of Zero Cost

Lesson Plan – DRAFT 4

 

Objectives

 

Students will:

  • Learn why people are so attracted, often irrationally, to free things.
  • Become more aware of its impact on their life and learn ways to improve their decision-making ability, especially on purchasing behavior.
  • Apply the lessons learned from Chapter 3 through recent newspaper articles and their own life experience
  • Apply the lessons learned from Chapter 3 through an experiment.

 

Materials

 

The class will need the following:

 

  • Copies of Chapter 3 – give the chapter from the book or the summary out the day beforehand to read as homework.
  • Copies of Related Academic Papers (Optional) – give out the articles beforehand to read as homework.
    • Related Academic Papers
      • Kristina Shampanier, Nina Mazar, and Dan Ariely, “How Small Is Zero Price? The True Value of Free Products,” Marketing Science (2007).
      • Daniel Kahneman and Amos Tversky, “Prospect Theory: An Analysis of Decision under Risk,” Econometrica (1979).
      • Eldar Shafir, Itamar Simonson, and Amos Tversky, “Reason-Based Choice,” Cognition (1993).
  • Copies of the “In the News” articles (Optional)
  • Copies of the Experiment: How Much Does Free Really Cost?
    • Supplies
      • Copies of Excel Spreadsheets
      • 1 item per group.  For examples, think of items that you could commonly get at a tradeshow: small alarm clock, coffee mug, or calendar.   

 

Procedures

 

DAY 1

 

1.  Assign students to read Chapter 3 for homework.  Assign optional journal          articles.  Assign optional “In the News” pieces.

2.  Ask each student to bring in an article, an advertisement, or an example    of an item being offered for free.  Make sure students know that they can    use examples other than financial ones.

 

DAY 2 – BOOK DISCUSSION

 

  1. Begin the lesson by asking students what they think about Chapter 3. When is free good and when can it lead to mistakes?
  2. Have them share their examples from their homework assignment.  Are these items really worth the effort?  What price do we attach to these items?
  3. If you assigned the In the News items, start a discussion with the students about them.  If you did not assign the In the News items, begin by describing the articles and then start the discussion.  Talk to them about these real-world situations and how these people are influenced by free items and how successful marketing can take advantage of this situation.  
  4. (Optional) Discuss the one or more of the Academic Papers with them.  
  5. Assign the Experiment.  Assign the students into teams of 3 to 5 students. Students will conduct the Experiment and answer the following questions:

·        What is the hypothesis?

·        What do you expect that the results will look like if the experiment is successful?

·        What do you expect that the results will look like if the experiment fails?

 

DAY 3 (a few days later, if possible) – EXPERIMENT DISCUSSION

 

  1. Before class, combine the results from the individuals or teams on the excel spreadsheet provided and review the data patterns.  *Alternatively, you can assign one team for each experiment to be in charge of collecting the results, analyzing them, and presenting them to the class.
  2. During class, review the results.  Discuss any major data patterns.   

·        Was the hypothesis correct?

·        What did you learn from the experiment about free! and purchasing decisions? 

·        What could you do to improve the experiment?

·        What other versions of the experiment could be interesting to test?

 

In the News

 

Report from Free Cone Day – Ben & Jerry’s Ice Cream

          http://daviswiki.org/Free_Cone_Day

 

Should You Offer a Free Trial?

          Forbes, June 21, 2007

          http://www.forbes.com/2007/06/20/omnicom-burger-king-ent-sales-cx_ll_0620freetrial.html

 

No Hour Too Early to Shop

          Tulsa World, November 24, 2007

          http://www.tmcnet.com/usubmit/2007/11/24/3117260.htm

 

Test Your Knowledge (Correct answers are highlighted in BOLD)

 

  1. The idea behind the cost of zero cost is:

a)     People overvalue what they get for free

b)     People believe that they deserve to get things for free

c)      People undervalue what they get for free

d)    People often get overly excited by items that are free when conducting cost-benefit calculations

 

  1. Based on behavioral economic theory, which offer will be the most successful for an online shopping site?

a)     Send customers an offer for one item at 50 percent off the retail price

b)    Send customers an offer where if they buy one item at full price, they get another one for free

c)      Send customers a coupon for free shipping with a purchase over $20.

d)     Send customers an offer where if they refer 2 friends to the website and they make a purchase, they get a $20 credit.              

 

  1. Give one clear example of when free! is good and one clear example of when free! causes people to make mistakes.

 

  1. Now that you understand the allure of free!, have you responded any differently to free offers? Give an example from your life where you either changed your response to the free offer or not.

                   

    

 

 

 


 

Predictably Irrational

Chapter 3 – The Cost of Zero Cost

Student Handout

Experiment – How Much Does Free Really Cost?

 

  1. MATERIALS: You will be given an item (i.e. items that you could commonly get at a tradeshow: small alarm clock, coffee mug, or calendar.    for your experiment.  You will also be given an excel spreadsheet to help you conduct the experiment and collect the data.  It will include a tab where you can state your hypothesis and another tab to record your results.  You will submit the final excel spreadsheet to your teacher.

2.  PRE-EXPERIMENT: Go over the details of the experiment carefully.  Using the excel spreadsheet, record your hypothesis and answer the questions   included in the tab. 

3.  EXPERIMENT: Go to a busy mall or any public place and complete each     condition with at least 10 respondents.  It is important that you follow     each condition described in the instructions carefully.  It is also important that each respondent’s answer is kept confidential from the other      respondents.

                                                              i.      CONDITION 1:  

1.     Show the item to the respondent.

2.     Ask him or her – “Hypothetically, would you get this item if it was offered today free of charge?  You would just pay $5 for shipping and handling.” They will say – yes or no.  Record this response. 

                                                            ii.      CONDITION 2:

1.     Show the item to the respondent.

2.     Ask him or her – “Hypothetically, would you get this item if it was offered today for $2.50 plus $2.50 for shipping and handling.” They will say – yes or no.  Record this response. 

                                                          iii.      CONDITION 3:

1.     Show the item to the respondent.

A snowstorm -- another one -- had canceled classes in the Pascack Valley Regional High School District in northern New Jersey, but educators and students wouldn't be taking a day off. Before the snow fell, even before the official school cancellation call, teachers were prepped, parents were warned and students had received enough assignments to fill a snow day.
School leaders around the country are tearing up their calendars to cram in more teaching time after extreme numbers of weather cancellations. Some are eliminating holiday breaks and professional development plans, adding minutes and days to the school clock or even cutting recess and opening school on Saturdays.
But a few are trying something different: virtual school days that continue learning, even while staff and students are stuck at home.
This could be the snow day of the not-too-distant future. As much as students love them, school officials loathe calamity cancellations, those days off caused by snowstorms, hurricanes, illness outbreaks or power outages. They cost time and money, disrupt the flow of learning and leave parents in a lurch.
By mid-February, the 2,000-student Pascack Valley Regional district had already used its three built-in snow days for the school year, and Superintendent P. Erik Gundersen didn't want to chip away at spring break.
With snow in the forecast, Gundersen alerted teachers that he expected to cancel classes and asked them to develop lessons students could complete from home. A day later, when students logged in on school-provided laptops, they were able to ask teachers questions, work through assignments or jump into class discussions, even if they sometimes took breaks to shovel the walkways.
Pascack Valley Regional officials still don't know if the day will count toward their state-mandated total. The New Jersey Department of Education hasn't decided yet. But the superintendent already counts it as a learning success.
"We think it's worthwhile and productive, why not do it?" Gundersen said. "This is what we've been doing in the corporate world for quite some time ... balancing family life with work and getting things done. Why shouldn't high school kids?"
Schools in similar circumstances are coming to the same conclusion. Staff and students at Coyle and Cassidy High School in Taunton, Massachusetts, tried their first virtual school days after cancellations began to pile up this year.
They were ready. All of the private school's 500 students now have an iPad purchased by his or her parents, and they've used the tablets in class and at home since the start of the school year.
They were lucky, too, to have the "perfect snow days," said Kathleen St. Laurent, vice principal of academic affairs at Coyle and Cassidy -- no widespread power outages, no long stretches of days off, a forecast that gave teachers time to prepare and a student body that already knew the drill.
Teachers found creative ways to record and share lessons, and many spent the virtual days fielding students' questions, St. Laurent said. Parents loved it, and students, well, they "were a little bummed out."
Many slept in, and some complained there was too much work -- there will be more coordination among teachers in the future, St. Laurent said. Still, participation was high.
"With kids, a day out is a lot," St. Laurent said. "This way, everyone could have the same lessons, just as if they were in the classroom."
Going into Pascack Valley Regional's virtual school day, teachers feared some students wouldn't log in, despite warnings that the day's assignments would count toward their grades. It wasn't a problem: The virtual school day had higher attendance than they expect on a normal school day, the superintendent said.
"It was energizing, invigorating," said social studies teacher Karen Kosch, who has taught in Pascack Valley schools for 28 years. "I don't mean to sound corny, but we were all in it together."
No serious technical glitches were reported. Next time, Kosch said, she'll have a stronger sense about how to pace conversations held among dozens of kitchen tables and couches.
As one student put it, Kosch said, " 'I don't know what the big fuss is. We do this every day.' "
Kosch, of course, remembers the years before everyone had a laptop, but she had to agree: "We're lucky, right?"
In areas where weather cancellations are common, students have long been expected to haul home backpacks full of books and assignments before snow days, and some schools have tried to lighten the load through technology. In Ohio, schools can use "blizzard bags," online or hard copies of assignments to keep students learning and days counting.
Even at schools that provide an online bank of activities, it can be complicated to keep an entire class moving forward, said Dick Flanary, deputy executive director for programs and services for the National Association of Secondary School Principals.
"Technology offers some promise in terms of mitigating some impact," Flanary said. "Depending on a particular child, what kind of learner a child may be, how diligent will they be to engage on a snow day in some sort of academic pursuit when 'this is a vacation day'?"
Tougher yet is the technology. Most schools don't have one-to-one programs that supply students and staff with computers, and home Internet connections can still be spotty. Teachers polled for a 2013 survey by Pew Research Center's Internet & American Life Project said more than half of students had sufficient access to digital tools at school, but only a fifth could access digital tools at home.
Even without schoolwide technology programs, individuals teachers are finding ways to keep their students on track.
The day before a February snowstorm swept through the Atlanta area, teacher Jordan Kohanim sent her students home with the same instructions she repeated all year: Check the class website.
Most of her students at Northview High School outside Atlanta have made it a habit, and with the help of tools such as Remind101, a service that allows teachers to send text messages to students, she was confident they would follow through. When an earlier stretch of bad weather caught schools by surprise, several students checked the website and completed assignments without her asking, she said.
It's not the highest quality education out there, Kohanim said -- there's little chance for interaction when students are asked to read a passage, watch a video and write a response. But Kohanim made herself available to answer questions and check work, and it helped to keep students focused until they returned the following week.
"I wouldn't say I'd like that to go on for long," said Kohanim, who has maintained a class website since she started teaching seven years ago. "We don't have time to stop on snow days. We have to keep moving."
On the morning of February 13, Pascack Valley High School English teacher Matt Morone was maybe a quarter of the way through his morning coffee when students began to respond to "The Autobiography of Malcolm X" on Twitter. Some teachers used Google documents or learning tools such as My Big Campus, Schoology or Canvas for the virtual school day, but he especially liked seeing the conversation draw people who weren't even in his class.
"This was a nerd's dream for me," said Morone, himself a graduate of Pascack Valley Regional schools.
For students, it was a lesson in time management and self-driven learning, one he's sure they'll take to college. For teachers, it was a chance to try ideas they've only pondered before. For everyone else? Proof.
"We are in a fortunate position here ... but you don't need a whole lot of infrastructure to do some of the stuff we're doing," Morone said. "There are means by which to do this. A lot of Twitter discussion is through iPads, cell phones -- whichever glowing rectangle you want to use, that's fine."
Students were learning other lessons, too.
Zak Terzini discovered he had to be concise because he only had 140 characters to make his point about "Malcolm X." He listened more, too. He's "a talker," he said -- an athlete, the class president, a guy who's always ready to jump in with an opinion.
Online, he finally heard some quieter classmates speak up.
"Having it all out on Twitter, people have that little barrier," he said. "It was kind of open to a lot more opinions."
Between shoveling snow, watching an Olympic hockey game and making himself a sandwich, he listened to a teacher explain some algebra concepts, completed some history work and forced himself to figure out some stoichiometry problems that he might've given up on if he'd been in the same room as the chemistry teacher.
"I thought, 'We're just going to get extra homework.' It was kind of ridiculous to have a virtual day," he said. "But the mood definitely changed after it went successfully. They got us involved. They were assigning the right amount of work.
"I got done at 2:51, and I can't believe I actually got done."
Would you want virtual school days to replace traditional snow days in your area? Tell us why or why not in the comments, on Twitter @CNNschools or on CNN Living's Facebook page!
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