ERIC Number: EJ1144522
Record Type: Journal
Publication Date: 2017
Abstractor: As Provided
Reference Count: 7
Pennies for Milk: Using a First-Hand Descent into Randomness to Illustrate the Risks of Regression to the Mean for Marketing Researchers and Managers
Posavac, Steven S.; Posavac, Emil J.
Marketing Education Review, v27 n2 p92-96 2017
The authors describe the Pennies for Milk exercise, a participative classroom experience in which students generate a regression to the mean effect within the context of simulated household milk purchases. Regression to the mean is a ubiquitous threat for marketing researchers and managers but is often hard for students to understand. The Pennies for Milk exercise provides students with an intuitive understanding of regression to the mean and gives instructors a segue to discuss marketplace phenomena likely to be governed by such effects. Details for implementing the exercise are provided, as is a summary of key instructional foci.
Descriptors: Consumer Education, Simulation, Classroom Techniques, Class Activities, Teaching Methods, Marketing, Educational Practices, Educational Strategies, Business Administration Education, Risk Assessment, Risk
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Publication Type: Journal Articles; Reports - Descriptive
Education Level: N/A
Authoring Institution: N/A