aidemia--modules-lessonstartideas_type	Give a creative idea how to begin a lesson
Which subject	Mathematics
What age group	Year or Grade 8
What topic	2024 Lesson Topic: Introduction to Cognitive Biases Learning Targets: Students will define and identify common cognitive biases that affect financial decision-making, such as anchoring bias and herd mentality. CDOS & NGLS Standards: NYS Next Generation ELA: RI.9-10.1; CDOS: 3a.
Quantity	1
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Lesson Introduction: The Mathematics of Mind Tricks

Grade Level: 8
Subject: Mathematics
Topic: Introduction to Cognitive Biases

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Lesson Kick-Off: The Money Game

To engage the students and set the stage for exploring cognitive biases in financial decision-making, we'll begin with a simple yet interactive activity called "The Money Game." The purpose of this game is to illustrate common cognitive biases in a fun and relatable way while reinforcing mathematical concepts.

Materials Needed:

• Play money or tokens (each student should have a few pieces)
• A list of simple financial scenarios (printouts or a digital display)

Instructions:

1. Group Formation: Divide the students into small groups of 4-5. This encourages collaboration and discussion.

2. Scenario Distribution: Each group will receive a financial scenario that involves a decision-making situation. Examples may include:

   • "You see a new smartphone on sale for $500, but a normally priced phone for $800 is also available. How much do you value the discount?"
   • "Your friend tells you that stock A is about to skyrocket; do you invest part of your play money in it?"

3. Decision Time: Give each group 5 minutes to discuss their scenario and decide how they would allocate their play money based on the situation presented.

4. Debriefing: Once the groups have made their decisions, have each group share their scenario and what decision they made with the class.

Discussion Points:

• Anchoring Bias: Did students focus too much on the initial price of the item instead of its actual value?
• Herd Mentality: Did the influence of peers affect their financial decisions? Did they follow a friend's suggestion without doing their own research?

Transition to Lesson Goals:

After the activity, explain that today's lesson will delve deeper into the concept of cognitive biases, providing definitions and identifying how these psychological tendencies can impact our daily financial decisions. We'll explore biases such as anchoring bias (relying too heavily on the first piece of information we encounter) and herd mentality (the tendency to follow what others are doing).

By the end of this lesson, students will not only understand these biases but will also learn to apply critical thinking to overcome them in real-world financial scenarios.

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Why This Matters:

Understanding cognitive biases is crucial, especially as students begin to make their own financial decisions in the future. Knowledge empowers them to navigate the financial world more effectively and make informed choices that are not swayed by irrational thoughts or societal pressures.

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Let’s get started and uncover the mind tricks that can influence our money decisions!