Experiential learning in finance education - Applying experimental finance methodology

Financial literacy has become a topic of major importance for scholars and policymakers. While recent evidence confirms positive effects of financial education, there is a call for more detailed information about instructional and learning contexts that motivates the search for good practices. In this chapter, we discuss how economic experiments could be used as instructional components in both personal and higher finance education. In particular, we address the instructional foundations for an impactful integration of economic experiments as part of an instructional approach of experiential learning. We illustrate our discussion by examples of teaching guides to stimulate reflective thought about the anchoring bias and prospect theory, respectively, as adaptable templates.