Showing posts with label money. Show all posts
Showing posts with label money. Show all posts

Thursday, October 28, 2010

In Which the Math Guy Is Reminded (Yet Again) of the Importance of Not Making Assumptions

The second graders were measuring. They'd cut out replicas of their feet (exact size, natch) and were busily determining how many of these footprints (feetprints?) it took to equal the length of a shelf, the width of the room, and other various and sundry distances. Then they were converting the number of feetprints (footprints?) to inches and recording it all on a chart.

I plunked myself down next to a child who was recording the number of feetsprint she had needed to cover the distance across a table. She'd written a 7, which sounded reasonable--seven second-grade-sized footsprint looked about right--but what was this next to it? A zero? Seventy? Surely she was putting 70 in the wrong place of the chart. Or she'd mismeasured. Or--
Wait a minute.

It wasn't just a zero. It was a bubble letter--you know, the puffy letters that kids love to make, especially when time is of the essence. The ones that slow kids' work pace down to a crawl. The ones that drive me faintly crazy. The ones that--

Hold on.

Now she was decorating the thing. Shading in part of the inside ring, drawing something unrecognizable in the middle. Decorating--during math time! Bubble letters--during math time! I mean, gee whillikers!

I opened my mouth to say something gentle, yet pointed. Okay, something not-so-gentle yet pointed. Something about saving the artistry for art and getting back to math, and by-the-way was 70 really a reasonable answer, and if you'd been paying closer attention to the math rather than to the art you'd know...But then I didn't. "Tell me about what you're drawing," I said instead, pointing. Just in case my assumption was wrong and there was method to her madness.

"Oh, that's a quarter," she explained, barely looking up.

"The coin?" I asked. "The thing that's worth twenty-five cents?" I peered closer. Okay, now that she'd mentioned it I could see that the bubble-letter zero did indeed resemble a quarter. Fine and dandy, but that didn't explain why she drawn a coin as part of this measurement project. I opened my mouth again...but instead of the pointed comment I'd intended, I found myself with a different response, again a response that didn't automatically assume that she'd messed up.

"Why a quarter?" I asked.

"Well," she said, "when I measured the table I found it was seven and a quarter of my footsprints." She tapped the seven on the chart, then the quarter beside it. "So I wrote seven, and then I drew a quarter. That's why."

And that's why I'm glad I asked!

Thursday, April 30, 2009

A Risk-Averse Generation

My good friend Cheerful Charlie had a summer job opportunity, I told the third and fourth graders recently. He could choose four different payment plans, which could lead to different amounts of cash for his eight-week period of employment. Plans A and B would give him a fixed amount of money; Plans C and D involved some element of chance. Students were asked to study the plans, do some calculations, and write a letter to advise Cheerful of his best strategy.

Most of the children recognized that plans C and D might bring in a lot of money. With luck, Cheerful could make over $1700 on Plan C--and a whopping $2400 with Plan D. By comparison, Plan B, the better of the two "fixed" plans, would earn Cheerful just $1275.

But almost unanimously, the letters warned Cheerful away from C and D. In most cases, it was a gut feeling that having a guaranteed income was better than taking a chance. "Plans C and D are a bit too random," wrote one girl. "If you take C or D you're taking a risk," noted a boy. "Plan C is a gamble," explained a third grader, "because it's a different amount each time."

A few children went a bit further by determining the probabilities for each plan. "In Plan C you only have a 2/8 chance to get [the best possible result]," wrote one. A classmate calculated, correctly, that Cheerful's expected income for Plan C was just $650. Plan D, which involved a fair coin and the possibility of earning either $300 or $0 for the week, was not much better. "Tails is not luckier than heads," one student admonished Cheerful. Another cautioned him not to be seduced by the possible $300 weekly payouts. "You're thinking, go for Plan D," he wrote. "Don't! You could end up getting zero dollars!"

It'll be interesting to see if this risk aversion lasts. The popularity of casinos and lotteries demonstrates that many Americans are eager to Plan-C-and-D themselves to easy riches. As someone who thinks of state lotteries as a tax on the mathematically unaware, I'm pleased that our students were so clear about the drawbacks to this approach. Of course, all bets may be off when these guys are old enough to take a trip to Foxwoods or Atlantic City...