دانلود رایگان ترجمه مقاله پیشرفت در آموزش ارزش زمانی پول (نشریه SSRN 2004)

پیشرفت در آموزش ارزش زمانی پول

Advances in Teaching the Time Value of Money

Abstract

Students frequently experience difficulty in identifying the appropriate time value of money (TVM) technique to apply to a TVM problem. This paper offers a modification of a recently published TVM technique developed by Jalbert (2002) in order to help students understand and solve TVM problems. The modified technique developed here simplifies the previously developed technique by reducing the number of questions that students must examine to arrive at the appropriate TVM technique for a problem. In addition, the technique developed here eliminates the need for students to learn annuity techniques altogether. As such, the technique developed here specifically intends to meet the needs of students who experience difficulty in understanding annuities. Modified visual aids are provided to assist students in selecting correct techniques. By using these techniques, students will find it much easier to identify appropriate TVM techniques.

1 Introduction

Many techniques have been developed for presenting the time value of money (TVM). Despite this considerable effort on the part of instructors, students frequently experience difficulty in identifying the appropriate technique to solve a specific TVM problem (Eddy and Swanson, 1996). However, it is well known that a pedagogy, which works well with one audience, does not necessarily work well with another (Bloom, 1956). Thus, the development of new and different techniques that appeal to various audiences may prove beneficial. Students nearly unanimously experience difficulty in identifying the appropriate technique to apply to TVM problems. While the TVM issue is complex, some of the difficulty can be attributed to the approach that finance texts take to the issue. This contention is confirmed by Eddy and Swanson who argue that instructors do not sufficiently develop a frame of reference which begins with simple learning objectives focused on individual topics and progresses to higher levels of understanding (Eddy and Swanson, 1996). Jalbert (2002) surveys seven popular text books and identifies several areas of concern regarding the TVM presentations in these books. Jalbert (2002) addresses these concerns by providing precise definitions and visual aids.

Specifically, the method developed in Jalbert (2002) attempted to appeal to students who benefit from precise definitions and visual aids. In this paper, we modify that technique to make it simpler and easier to utilize. The technique provides instructors a new tool in their arsenal to teach students TVM concepts. The paper begins by reviewing the technique proposed in Jalbert (2002). The paper then offers a simplification to that technique that makes it simpler to use. A summary of the technique developed in Jalbert (2002) is presented here.