Complexity-based learning and teaching: a case study in higher education

This paper presents a learning and teaching strategy based on complexity science and explores its impacts on a higher education game design course. The strategy aimed at generating conditions fostering individual and collective learning in educational complex adaptive systems, and led the design of the course through an iterative and adaptive process informed by evidence emerging from course dynamics. The data collected indicate that collaboration was initially challenging for students, but collective learning emerged as the course developed, positively affecting individual and team performance. Even though challenged, students felt highly motivated and enjoyed working on course activities. Their perception of progress and expertise were always high, and the academic performance was on average very good. The strategy fostered collaboration and allowed students and tutors to deal with complex situations requiring adaptation

Breakthroughs in Shared Measurement and Social Impact

A surprising new breakthrough is emerging in the social sector: A handful of innovative organizations have developed web-based systems for reporting the performance, measuring the outcomes, and coordinating the efforts of hundreds or even thousands of social enterprises within a field. These nascent efforts carry implications well beyond performance measurement, foreshadowing the possibility of profound changes in the vision and effectiveness of the entire nonprofit sector. This paper, based on six months of interviews and research by FSG Social Impact Advisors, examines twenty efforts to develop shared approaches to performance, outcome, or impact measurement across multiple organizations. The accompanying appendices include a short description of each system and four more in-depth case studies

Student-Centered Learning: Functional Requirements for Integrated Systems to Optimize Learning

The realities of the 21st-century learner require that schools and educators fundamentally change their practice. "Educators must produce college- and career-ready graduates that reflect the future these students will face. And, they must facilitate learning through means that align with the defining attributes of this generation of learners."Today, we know more than ever about how students learn, acknowledging that the process isn't the same for every student and doesn't remain the same for each individual, depending upon maturation and the content being learned. We know that students want to progress at a pace that allows them to master new concepts and skills, to access a variety of resources, to receive timely feedback on their progress, to demonstrate their knowledge in multiple ways and to get direction, support and feedback from—as well as collaborate with—experts, teachers, tutors and other students.The result is a growing demand for student-centered, transformative digital learning using competency education as an underpinning.iNACOL released this paper to illustrate the technical requirements and functionalities that learning management systems need to shift toward student-centered instructional models. This comprehensive framework will help districts and schools determine what systems to use and integrate as they being their journey toward student-centered learning, as well as how systems integration aligns with their organizational vision, educational goals and strategic plans.Educators can use this report to optimize student learning and promote innovation in their own student-centered learning environments. The report will help school leaders understand the complex technologies needed to optimize personalized learning and how to use data and analytics to improve practices, and can assist technology leaders in re-engineering systems to support the key nuances of student-centered learning

Which heuristics can aid financial-decision-making?

© 2015 Elsevier Inc. We evaluate the contribution of Nobel Prize-winner Daniel Kahneman, often in association with his late co-author Amos Tversky, to the development of our understanding of financial decision-making and the evolution of behavioural finance as a school of thought within Finance. Whilst a general evaluation of the work of Kahneman would be a massive task, we constrain ourselves to a more narrow discussion of his vision of financial-decision making compared to a possible alternative advanced by Gerd Gigerenzer along with numerous co-authors. Both Kahneman and Gigerenzer agree on the centrality of heuristics in decision making. However, for Kahneman heuristics often appear as a fall back when the standard von-Neumann-Morgenstern axioms of rational decision-making do not describe investors' choices. In contrast, for Gigerenzer heuristics are simply a more effective way of evaluating choices in the rich and changing decision making environment investors must face. Gigerenzer challenges Kahneman to move beyond substantiating the presence of heuristics towards a more tangible, testable, description of their use and disposal within the ever changing decision-making environment financial agents inhabit. Here we see the emphasis placed by Gigerenzer on how context and cognition interact to form new schemata for fast and frugal reasoning as offering a productive vein of new research. We illustrate how the interaction between cognition and context already characterises much empirical research and it appears the fast and frugal reasoning perspective of Gigerenzer can provide a framework to enhance our understanding of how financial decisions are made

Performance analysis and optimal selection of large mean-variance portfolios under estimation risk

We study the consistency of sample mean-variance portfolios of arbitrarily high dimension that are based on Bayesian or shrinkage estimation of the input parameters as well as weighted sampling. In an asymptotic setting where the number of assets remains comparable in magnitude to the sample size, we provide a characterization of the estimation risk by providing deterministic equivalents of the portfolio out-of-sample performance in terms of the underlying investment scenario. The previous estimates represent a means of quantifying the amount of risk underestimation and return overestimation of improved portfolio constructions beyond standard ones. Well-known for the latter, if not corrected, these deviations lead to inaccurate and overly optimistic Sharpe-based investment decisions. Our results are based on recent contributions in the field of random matrix theory. Along with the asymptotic analysis, the analytical framework allows us to find bias corrections improving on the achieved out-of-sample performance of typical portfolio constructions. Some numerical simulations validate our theoretical findings

The adaptive markets hypothesis: evidence from the foreign exchange market

We analyze the intertemporal stability of excess returns to technical trading rules in the foreign exchange market by conducting true, out-of-sample tests on previously studied rules. The excess returns of the 1970s and 1980s were genuine and not just the result of data mining. But these profit opportunities had disappeared by the early 1990s for filter and moving average rules. Returns to less-studied rules also have declined but have probably not completely disappeared. High volatility prevents precise estimation of mean returns. These regularities are consistent with the Adaptive Markets Hypothesis (Lo, 2004), but not with the Efficient Markets Hypothesis.Foreign exchange market ; Foreign exchange