This 10-to-15-minute simulation is designed to demonstrate the limits of consumer price recall and, in doing so, highlight the shortcomings of intuitive decision-making.
By utilizing the estimates made by students, this exercise shows how “trusting your gut” can be misleading while also profiling the challenging nature of pricing decisions.
In Checkout, students are prompted to estimate the supermarket retail price for a same basket of ten (10) goods. After a student submits an estimate for each product, the simulation automatically compares these estimates to the actual product prices and tabulates performance. The student that submits the most correct estimates (plus or minus ten percent) is ultimately identified as the top performer in the session. The debrief also highlights interesting trends across all learners in the session.
Checkout is a single-player exercise. It is mobile-optimized and can accept estimates that are submitted synchronously or asynchronously.
This simulation can be used in courses that cover topics including pricing or intuitive decision making.
Approximate price: $7
Playtime: 10 mins
Learning objectives: In this game learners will: 1. Understand how poorly consumers perform at recalling product prices, and 2. Recognize the limitations of intuitive decision-making.
Link to simulation home page: https://hub.simcase.io/admin/library/pricing-knowledge