Game-based learning: Teaching principles of economics and investment finance through Monopoly

• Published in: The international journal of management education 2021-11, Vol.19 (3), p.100567, Article 100567
• Main Authors: Lew, Charlene, Saville, Adrian
• Format: Article
• Language: English
• Subjects: Game-based learning; Learning architecture framework; Monopoly; Teaching investment finance and economics
• ISSN: 1472-8117
• DOI: 10.1016/j.ijme.2021.100567

This paper investigates the application of a modified version of the board game of Monopoly to explore the content learned and optimization of a game-based learning process. The authors made used of a qualitative cross-sectional research design through content analysis of learning documents for 77 participants and analyzed basic behavioral trends over a 10-year period. The results show the breadth of learning through the game of Monopoly that was modified by incorporating disruptive elements. Themes include learning about the investment environment, financial management, alliances and relationships, investment strategies, investment tactics, human behavior in investment finance in addition to personal insights gained. Basic trend analysis revealed consistent overconfidence in investment strategies as well as cheating behavior. The paper demonstrates the importance of debriefing activities in the game processes, and it also offers instructional designers a framework that can be used for design considerations of game-based learning interventions. •Behavioral economic principles are effectively taught through the board game, Monopoly.•Simulated learning can highlight decision bias, ethics and inequality-related behavior.•A well-designed game-based learning process supports personalized learning.•Disruptive events simulating market turbulence strengthen learning in investment finance.