Tuesday, December 1, 2015

Post 11 Reflection

In this class, I learned the partial equilibrium and the general equilibrium which I never heard from any other economics classes before. The partial equilibrium efficiency concept is social surplus. An efficient allocation maximizes the social surplus. In occurs where marginal benefit equals marginal costs. This concept only occurred once in my undergraduate study time. At that time, I only know the most efficient allocation of resources occurs in which marginal benefit equals marginal cost. I did not really understand concept and graph behinds the definition. The general equilibrium efficiency concept is Pareto Optimality. An allocation is Pareto Optimal if you can’t make somebody better off without somebody else worse. Originally, I did not notice how important this concept was in making real world decision until another accounting graduate level course also discussed this topic. We need to learn how to calculate the Pareto Optimal combination by using the formulae, which is much more difficult than just simply understand the concept in this class. At least, I really appreciate this course discussed Pareto optimal concept first so that I have a better understanding in the other class even though I am still struggling with calculations.
In addition, triangle principal-agent model is also a very interesting topic which open up my point of view of the agency problem. Originally, I am only aware of a simple principal-agent model problem which causes moral hazard and adverse selection problems. Actually, in the real world, there are many cases agent would work for two principals who have contradicted interests. Moreover, single loop learning and double loop learning help me better understand how two different types of organization conflicts occur. I believe that traditional companies or industries would be more likely model 1 type while modern companies especially high-tech companies would be more toward to model 2 type organizations since model 2 boss would encourage employees to communicate their opinions.
I think this pedagogic approach could work better if Professor Arvan could provide more topics, bullet points and examples on power points to present in class, since most time the whole class session acts like a casual live talk, we might overlook some important ideas. For blog posts, I would always start with a reading instruction which is very clear and helpful to initiate the brainstorming process. If the key terms are new to me, I would google those important terms first, or just look at other students’ blog posts to help me understand the topic. And then I would start to think about the examples and write down the thesis statements for body paragraphs. In the end, I would use grammar check websites to proofread the whole work. Generally, it takes me about one and a half hour to complete weekly post. For excel homework, I have to say sometimes it is simple that only took me less than an hour to complete. Sometimes it is extremely challenging, and it probably takes me couple days to think about it. I have to google the terms first, read books, and even ask friends. If I really could not figure out by above methods, I would ask Professor Arvan as my final solution. Even though I complete the excel homework, some of those work I still do not understand thoroughly.
Finally, I would like to see more group discussion in class, not a just student to Professor format. I think this would help get close to the other classmates and learn ideas and thoughts from each other. Probably, group debate would be an interesting idea to promote discussion.


  1. I'm glad that you found some relevance to what we did in your other classes. There are a lot of economic ideas that are fundamental to accounting.

    The group discussion approach is worth considering further. Truthfully, the whole class discussion has worked well in the past but it didn't work this semester. I'm puzzling through whether my approach caused that or if it was due to factors outside my control.

    One other thing that you might have as a take away from our class, the previous paragraph is an example, is that there are multiple possible explanations for any observed outcome in a social setting and it is a challenge to determine which is the best explanation. Students want "the answer" but sometimes the best one can do is to leave each of the explanations as possible and simply sort through the evidence as to which part best of the evidence best matches a particular explanation.

  2. I have to say this class is quite different than any other class I have ever taken. You mentioned many times students this semester are not willing to participate into class discussion. As you talked in this comment again, I take a look of all other students' final posts. Many of us mentioned about challenges of excel homework problem. I felt like maybe it would be better if we can reach help in multiple ways. I mean, sometimes I felt extremely struggle with excel problems, but there is no any other way to reach help except asking you. I really think the relationship of classmates in this class is quite distant, if we could get familiar with each other through class activities like group discussion, it would be easier to get help from others once we meet obstacles. I always think learning is not just about knowledge on books or from the presentations given by Professor. The knowledge itself is created or summarized by the human. From my perspective, learning from other students would be very helpful. Thus, multiple ways available for students to reach help might improve our learning experience.