An Interdisciplinary Study of the Impact of Playing a Marketing Simulation Game on Student Knowledge of Management Accounting/Finance Principles Page 320 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 ABSTRACT An interdisciplinary study of student knowledge of account- ing/finance principles in concert with their application in a marketing simulation game was undertaken in three sec- tions of an Introduction to Marketing. The subjects were 454 second year marketing students who took an account- ing/finance knowledge test composed of 14 multiple choice questions focused on understanding definitions and making calculations for selected concepts including unit contribu- tion margin, inventory carrying costs, working capital, gross margins, return on sales, straightforward breakeven calculation, current ratio and mark-ups. A total of 368 stu- dents agreed to participate in the study from which 308 usable responses were collected, a 67.8% response rate. The study employed a simple pretest-posttest design result- ing in a pretest average score of 42.4% (32.7% corrected for guessing) and a posttest average score of 55.5% (43.7% corrected for guessing) for the accounting/finance test. Paired t-test comparisons of pretest versus posttest scores for both uncorrected and corrected for guessing results were significantly different at the .000 level. The overall conclusion was that the marketing simulation experience led to an improvement in knowledge and application of accounting/finance principles. This study provides further evidence for the external validity of business simulation games. Acknowledgements: The research undertaken in this paper was funded by a grant from the Certified Management Ac- countants of Ontario INTRODUCTION The ability of business simulation games to enable participants to apply and integrate their knowledge of busi- ness principles is often presented as one of the key virtues for business game use. Among other things, effective mar- keting decision making requires an understanding of funda- mental accounting and finance principles. Consequently, the purpose of the study reported here was to investigate the impact of the use of a marketing simulation game on participant understanding of basic accounting/finance prin- ciples. The study was undertaken through a grant from the Certified Management Accountants of Ontario (CMAO) who have developed an interdisciplinary certification ap- proach for admission into their organization. The CMAO is interested in knowing how well accounting knowledge is acquired, retained and applied in cross disciplinary studies in business education programs. The interest in knowledge acquisition and retention by the CMAO is in concert with recommendations by the Accounting Education Change Commission which recommends that cases, role playing and simulations be employed as learning tools in addition AN INTERDISCIPLINARY STUDY OF THE IMPACT OF PLAYING A MARKETING SIMULATION GAME ON STUDENT KNOWLEDGE OF MANAGEMENT ACCOUNTING/FINANCE PRINCIPLES William J. Wellington University of Windsor r87@uwindsor.ca A.J. Faria University of Windsor Ad9@uwindsor.ca David Hutchinson University of Windsor dhutch@uwindsor.ca Maureen Gowing University of Windsor mgowing@uwindsor.ca mailto:r87@uwindsor.ca mailto:Ad9@uwindsor.ca mailto:dhutch@uwindsor.ca mailto:mgowing@uwindsor.ca Page 321 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 to readings and lectures (Sundem, Williams and Chironna, 1990). LITERATURE REVIEW Barab, et. al. (2002, p. 77) suggest that there is a mov- ing away from the teacher centered or lecture environment to more "participatory learning environments that are tech- nology rich,” which allows participants to ground their understanding with their own experiences. Haywood, McMullen, and Wygal (2004) comment that educators are continually encouraged to include a variety of learning methods in classrooms, which include application methods and critical thinking rather than strictly memorization or passive learning. "Predicated on a social constructivist phi- losophy, the role of teacher switches from one of telling students correct answers to guiding student activity, as they direct their own learning process" (Barab, et. al, 2002, p.77). It has been over 50 years since the first use of a busi- ness simulation game in a university class in 1957 (Watson 1981) and business games are considered a form of active learning. Since that time, the number of business games and their usage has grown enormously. "A 2004 e-mail survey of university business school professors in North America reported that 30.6% of 1,085 survey respondents were current business simulation users while another 17.1% of the respondents were former business game us- ers" (Faria et. al., 2009). "Learning in simulation games occurs on many levels. Players learn from the contextual information contained in the dynamics of the game, the process of playing the game through risk taking and weighing up the risks, benefits, costs, outcomes and rewards resulting from decision mak- ing" (Doyle and Brown, 2000, p. 331). Business simula- tion games offer a realistic representation of complex deci- sion making (Keys and Wolfe, 1990) and stimulate cycles of probing, analysis, and re-probing, which is considered an effective learning method (Gee, 2004). During the decision making process, motivated participants engage in a self- regulating learning process and this enhances learning ef- fectiveness (Chua, 2005; Hoffjan, 2005). In their review of 68 studies of simulation games from a variety of disci- plines, Randel et al. (1992) found that in 32% of the studies simulations led to better student performance over tradi- tional teaching methods, 56% showed no significant differ- ence, and 5% favored traditional teaching methods (7% had questionable controls). In an accounting based game, Hof- fjan (2005, p. 71) demonstrated "that playing the game im- proves students' level of knowledge" in selected decision making criteria. According to Anselmi and Frankel (2004, p. 164), business simulation games "encourage students to engage in higher-order learning as they personalize content, thus developing a deeper understanding of material.” The reported types of learning brought about by the use of business games includes goal setting and informa- tion processing; organizational behavior and personal inter- action skills; sales forecasting; entrepreneurial skills; basic economic concepts; inventory management; mathematical modeling; personnel skills such as hiring, training, leading and motivating; creative skills; communication skills; data analysis; formal planning and report preparation; and much more. Faria (2001) provides a history and detailed list of references covering the research on skills training and learning brought about through the use of business simula- tion games. The literature review revealed very few studies that examined the acquisition of accounting knowledge. Specht and Sandlin (1991) report that knowledge of accounting principles were retained better among students who had learned using experiential exercises. There are other reports indicating an improvement in learning of accounting princi- ples with active learning and simulation approaches but the rigor of these studies is open to question (Lightbody, 1997; and Giguere 2006). PURPOSE AND HYPOTHESES The purpose of the present study is to determine whether the experience of participating in a marketing simulation game will have an effect on the level of ac- counting/finance knowledge of the game participants. Based on past research findings, and some amount of logic, the following six hypotheses will be tested: H1: As a result of the simulation game play experi- ence, the accounting/finance principles knowledge level of all game participants as measured on a pretest will increase significantly when measured on a posttest. H2: As measured on the pretest, students with greater accounting/finance knowledge will outperform students with less accounting/finance knowledge at the conclusion of the simulation game. H3: As measured on the posttest, better performing students will demonstrate more knowledge of ac- counting/finance principles than poorer perform- ing students. H4: Well performing students will have a more posi- tive attitude towards the simulation competition than less well performing students. H5: Students with higher self-reported GPA’s will outperform students with lower self-reported GPA’s on both the pretest and post- test accounting/finance testing. H6: Students with higher self-reported GPA’s will outperform students with lower self-reported GPA’s in the simulation game. Page 322 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 H1 through H3 are presented to accomplish the pur- pose of this study. H4, H5 and H6 are offered as manipula- tion checks to establish some external validity for the re- sults of H1 through H3. Past research findings (Wellington and Faria, 1994) have indicated that ending simulation per- formance and ending participant attitudes towards the simulation experience are related in that well performing students tend to feel more positive about the experience than less well performing students. Although mixed, some past research results have reported a relationship between GPA and simulation performance (Faria and Wellington, 2005). METHODOLOGY Accounting/finance knowledge acquisition and reten- tion was measured using a pretest-posttest design. The sub- jects for the study were drawn from an Introduction to Mar- keting class in which Merlin: A Marketing Simulation (Anderson, Scott, Thomas and Beveridge 2005) was used as part of the course material. The subjects for the research were 454 second year marketing students who, as part of their education sequence, would normally have been ex- posed to the accounting principles examined prior to taking the marketing course. The students were enrolled in one of three different sections of an Introduction to Marketing course taught by the same instructor using the same text- book, syllabus and evaluation scheme. The Merlin partici- pants played as single member companies divided into in- dustries of seven companies each and participated in a seven period competition. Merlin presents financial results through income state- ments, balance sheets and cash flow statements. With the advice of a managerial accounting professor and textbook author, a test of accounting/finance principles which were in direct accordance with the information and presentation of the Merlin financial statements was developed. The test was composed of fourteen multiple choice questions (MCQs) which tested the students’ understanding of defini- tions or asked them to make calculations for selected ac- counting/financial concepts including unit contribution margin, inventory carrying costs, working capital, gross margin, return on sales, simple breakeven determination, current ratio and mark-ups. The pretest version of the accounting/finance knowl- edge questionnaire was administered prior to the students being enrolled or briefed on the simulation. The account- ing/finance questions presented provided students with five choices. There was a correct answer along with two distrac- ter choices and students could also select one of two other choices – that they remembered being exposed to the con- cept but couldn’t remember what it was, or that they had never been exposed to the concept. The pretest question- naire was presented as an assessment tool and grades were for completion only although students were informed that Table 1 Paired Comparison T-Test for H1 Page 323 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 their competency would be reported but not graded. For the posttest questionnaire, students were given the same set of accounting/finance principles questions but on this ques- tionnaire they only had four choices, the correct answer and two distracters plus a choice of “I honestly don’t know this principle.” They were told that the scoring on the second questionnaire was being evaluated for completion as was the case for the first questionnaire but this time the compe- tency measure would earn them a bonus point. In addition to the accounting/finance knowledge test- ing, the pretest-and posttest questionnaires also asked re- spondents to indicate their attitudes towards the simulation experience. The participants’ attitudes toward the simula- tion competition were measured using a five item Strongly Agree to Strongly Disagree scale developed by the authors. Students were told that the nature of their responses to the attitude questions would not affect their grading in the course. The internal consistency alpha reliability of the pretest attitude scale was .715 while the posttest attitude scale had a value of .828. Finally, the posttest asked re- spondents to indicate their GPA levels and the course work they had completed previously. A total of 454 students attended the classes during the study period and all of them were required to take part in both the prestest-posttest knowledge survey as part of their normal course work. However, having their data included as part of the research study reported here was wholly vol- untary. Consequently, of the 454 students who were en- rolled in the course, 368 (81.0%) agreed to participate in the study from which 308 usable responses were collected, a 67.8% response rate. In the Merlin competition, performance is measured using a ranking based on an index of company sales, earn- ings, return on sales, and forecast accuracy. These indexes were weighted 5%, 85%, 5% and 5%, respectively, result- ing in each participant/company being ranked from first place to last place within their industries (e.g., from first to seventh position). H1 was tested using a paired t-test procedure to com- pare the accounting/finance knowledge competency score for the whole group at the beginning of the simulation and at the end of the simulation competition. H2 and H3 were tested with ANOVA analysis of game ending rank per- formance group versus the accounting/finance knowledge scores on the pretest and posttest. H4 was tested using an ANOVA analysis of game ending rank performance group versus the pretest and posttest attitude scale scores. Finally, H5 and H6 were tested using an ANOVA analysis of self- reported GPA group versus pretest and posttest accounting/ finance knowledge scores. It must be acknowledged that the performance data were ordinal and involved the dependent variables of game rank order performance versus the independent variables of pretest adjusted for guessing accounting/finance principles knowledge test performance and posttest adjusted for guessing accounting/finance principles knowledge test per- formance. As such, it can be argued that it would be most appropriate to use a non-parametric procedure such as the Kruskal-Wallis One-Way Analysis of Variance by Ranks test for the rank order data. However, when samples are large as is the case with this study (308 students and at least 30 individuals in each ranking group), “parametric tests are robust to deviations from Gaussian distributions. . . . Unless the population distribution is really weird, you are probably safe choosing a parametric test when there are at least two dozen data points in each group” (Motulsky 1995). Consequently, the parametric ANOVA procedure was used to compare pretest and posttest accounting/ finance knowledge and attitude toward the competition versus Merlin rank order performance as a factor variable In addition, to ANOVA analysis, an examination of change associated with the simulation experience was un- dertaken using t-test comparisons of the following: pretest Table 2 A Pretest and Posttest Post Comparison of Accounting/Finance Principles Knowledge by Rank Performance in a Marketing Simulation Game Page 324 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 versus posttest change in accounting/finance knowledge across game ending rank performance groups; pretest ver- sus posttest change in attitude towards the simulation across game ending rank performance groups; and pretest versus posttest change in accounting/finance knowledge across self-reported GPA groups. FINDINGS The overall findings with respect to H1 which was tested using a paired t-test, are reported in Table 1. To test H1, the average total test percentage raw score on the 14 item accounting/finance test on the pre-test questionnaire was compared to the average total test percentage raw score on the post-test questionnaire to determine if there was a change. In addition, a corrected for guessing score on the 14 item accounting/finance pretest and posttest was also calculated to measure the “true” level of accounting/finance knowledge of the students. As shown in Table 1, the aver- age level of accounting/finance knowledge for both the total test raw scores and adjusted for guessing total test scores increased on the posttest versus the pretest and the difference was highly significant. These results provide overwhelming support for the acceptance of H1. The knowledge level of the students on individual test items is also reported in Table 1. In general, the level of pretest-posttest knowledge improved significantly for the majority of the test items. Interestingly, three of the four- teen knowledge items showed no knowledge improvement and, in fact, the experience seemed to actually lower the knowledge of the students on one of the items. The ability of students to interpret cash flows was at a very low level on the pretest and when adjusted for guessing, the perform- ance was actually negative on the posttest and the change was significant. Further, the ability of students to calculate a gross margin was not enhanced significantly by the game experience. Finally, students were not proficient at all at being able to compute a mark-up and were still not profi- cient at this task at the conclusion of the simulation. The results related to H2 and H3 are reported in Table 2. These results support the acceptance of both of these hypotheses. For both the pretest and posttest results, the students who performed better in the simulation demon- strated more knowledge of accounting/finance principles and the differences between the simulation rank perform- ance groups were significant. The findings for H4 on the impact of simulation results on attitudes towards simulation play are reported in Table 3. The results indicate that H4 should be accepted. The posttest attitude of students towards the simulation was related to their ending performance as evidenced by the ANOVA results. Further, their pretest attitude towards the simulation mostly changed in response to their performance as evidenced by the t-score results. The exception was that top performing students increased in terms of becoming more favorable towards the simulation game but these in- Table 3 A Pretest and Posttest Post Comparison of Attitude Change by Performance Rank in a Marketing Simulation Game Page 325 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 creases were not significant. Conversely, students who per- formed below first and second place became more negative towards the simulation experience at the conclusion of the game. Interestingly, the pretest attitudes of better perform- ers were generally more positive than poorer performers but the pretest ANOVA results demonstrate only a mar- ginal level of significance at the .065 level. The findings related to H5 and H6 are reported in Ta- ble 4. These findings support the acceptance of both of these hypotheses. Students with higher self-reported GPA’s had better rank performance results on the simulation game and also achieved higher scores on both the pretest and posttest accounting/finance knowledge tests. The ANOVA results are significant in all of these cases. In addition, a t- test comparison was undertaken to see if there was any significant knowledge gain as a result of the simulation game experience. This would be expected if H1 is true. It was found that irrespective of self-reported GPA, there was a knowledge improvement between the pretest and posttest for all groups and this change was significant. DISCUSSION AND CONCLUSIONS The research reported here sought to examine whether students improved their knowledge of accounting/finance principles as a result of the experience of playing a market- ing simulation game. In addition, the study considered whether students who had more knowledge of accounting/ finance principles would outperform students who had less knowledge on the simulation game. Finally, the study ex- amined whether participant attitudes towards the simulation experience would change as a result of the simulation ex- perience and whether prior knowledge, as evidenced by GPA would impact simulation game performance. The findings indicate that there is strong evidence that the general level of knowledge of accounting/finance prin- ciples for the whole class improved as a result of the simu- lation experience. Further, students who demonstrated more knowledge of accounting/finance principles on both a pretest and posttest measure tended to outperform students who had less knowledge of accounting/finance principles. As gratifying as these changes were, the fact is that at the beginning of the simulation experience, and the course, the base level of knowledge of accounting/finance principles of the entire class was only 43.7% which was reduced to 32.7% when adjusted for guessing. This is shockingly low. At the conclusion of the simulation, the student’s base level of accounting/finance knowledge had improved signifi- cantly to 55.5% or 42.4% when adjusted for guessing. Al- though the investigators were happy to show that the simu- lation experience had significantly improved the knowl- edge of the students, it is not satisfying to know that even for the students who reported having GPA’s at A grade level, the absolute level of accounting/finance knowledge was still below what would be considered a minimally ac- ceptable average of 60%! As might be expected, there was a shift in attitudes amongst students towards the simulation experience as a result of their simulation performance. Poorer performing students had less positive attitudes towards the simulation than better performing students. Interestingly, although the attitude scores of top performing students increased be- tween the pretest and posttest measures, these changes were not significant. Conversely, students who experienced aver- age or poor performance became less positive in their atti- Table 4 Anova of Mean Game Rank Performance: Anova and T-test of Mean Pretest, and Mean Posttest Post Accounting/Finance Principles Knowledge by GPA Page 326 - Developments in Business Simulation and Experiential Learning, volume 38, 2011 tude towards the simulation and the changes were signifi- cant. These findings indicate that the experience of playing a marketing simulation game both drew upon and enhanced the knowledge and application of fundamental accounting/ finance principles. As such, the present study findings pro- vide evidence that simulation games are an effective learn- ing approach to encourage students to integrate and apply business knowledge and principles. This finding provides further evidence to support the external validity of simula- tion games. As hypothesized, there was a relationship between self -reported GPA and both pretest-posttest accounting/finance test performance and simulation game performance. Previ- ous studies of simulation performance and overall aca- demic performance have reported mixed results with re- spect to the relationship between academic ability as meas- ured by GPA or examination performance and simulation game performance. This study looked specifically at knowledge of accounting and finance principles as they might be applied to a specific simulation game and did find a relationship. The authors can only speculate as to why this is the case. Perhaps the employment of an “academic” accounting/finance test at the outset of the simulation may have sensitized students to the necessity of applying this knowledge. The students who were academically stronger may have been able to remember more of these principles at the outset of the simulation and also improved their knowledge of these principles through to the completion of the simulation. As such, their comprehension of the simula- tion game may have developed faster and may explain why they performed better. In conclusion, this study provides further evidence that the experience of simulation game play is beneficial in that it assists students in integrating their learning and improv- ing their conceptual knowledge of business principles. REFERENCES Anderson, P. H., Scott, T.W.; Thomas, S.B. and Beveridge, D.A. (2005), Merlin: A Marketing Simulation, New York: McGraw-Hill. Anselmi, K., & Frankel, R. (2004). 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Table of Contents Volume 38, 2011 Simulated Tabletop Exercise for Risk Management - Anti Bio-terrorism Scenario Simulated Tabletop Exercise From Business Games to Simulations - Simuworlds & Microworlds Demand Equation Redux: The Design and Functionality of the Gold/Pray Model in Computerized Business Simulations Managing Client-Based Learning: Insights from Successful Teaching Project Courses in Marketing Tracking Forecast Error Type, Frequency and Magnitude with the Forecast Error Package Responding to Facilitate Collaboration Simulating Sudden Change and the Value of Timely Information Managing Human Resources Simulation A Study on Collectivism and Group Decision-Making: An International Comparison of Japan, China, and Russia Using a Gaming Simulation The Use of Management Games in the Management Research Agenda Gaming On-Line: A Simulation Application Positioning and Performance in Simulated Networks Supply Chain Management: A Simulation Application Simulation as a Teaching Method in Strategic Management Distance Studies Entrepreneurship: A Game of Risk and Reward Phase II: The Start-Up Return to the Paradise Islands: From Confrontation to Cooperation Effect on Market Performance of Displaying Supply and Demand Curves in a Business Simulation Appreciating Complexity: The Chief of Staff of the Army Game Managing Organizations: Experiential MBA Course Teaches Alternatives to the Machine Model A Simulation Model for Analyzing the Night-Time Emergency Health Care System in Japan The Continuing Evoluation of Assessing Project Management as an Academic Learning Outcome (ALO) Should College Instructors Change Their Teaching Styles to Meet the Millenial Student? The Mouse Game and its Effects on Team Interdependence Learning from the Gulf Oil Spill to Prepare for a Brighter Future: A New Game Engaging Stake Holders in Triple Bottom Line Accounting & Strategic Planning Video Killed the Biblio Star: The Impact of Digital Media on Student Learning Outcomes Exploring Motivation: Using Emoticons to Map Student Motivation in a Business Game Exercise An Alternative to PC and Internet Based Simulations: The Internet Integrated Mode MiddleState University -- A Crisis in Education Complexity Avoidance, Narcissism and Experiential Learning Examining the Cognitive, Affective, and Psychomotor Dimensions in Management Skill Development Through Experiential Learning: Developing a Framework A Situational Leadership Exercise Based on the Biology of a Starfish JOGAI CEFET -- The Industrial Administration Undergraduate Game Would You Take a Marketing Man to a Quick Service Restaurant? Modeling Corporate Social Responsibility In A Food Service Menu-Management Simulation Use of a Simulation in a Large Class Environment for a Marketing Principles Class: A Qualitative Analysis of Whether Learning Objectives were Met A Team Based Information Literacy Exercise ABSEL Marketing Communications Plan An Interdisciplinary Study of the Impact of Playing a Marketing Simulation Game on Student Knowledge of Management Accounting/Finance Principles Analyzing Construction Planning of Interiro Finish Work of Apartment Building by Simulation Doing Murder One Again The Simple Business Game and Simulation Transfering the Knowledge of Middle Management to Novices Infectious Disease Simulation Model for Estimation of Spreading Understanding the Relative Influence of Several Factors in ERP Simulation Performance: An Exploration of Ecological Validity Tragedy of the Commons: An Exercise Using Clickers to Illustrate and Teach a Key Concept in Negotiations The Meaning of Firm Demand in Business Simulations If the Games Work, Why Aren't More Faculty Willing to Play? Those Who Do and Those That Don't: A Study of Engaged and Disengaged Business Game Players