Summer program for teens combines practical economics and college life

For a group of teens posing as a team of ruthless pirates gathered around a small table to solve a problem—how to divide 100 pieces of gold among five pirates, each motivated by survival and greed—the lesson was complex yet designed to be fun.

“I’m the captain,” says Addison Jiang, proposing a split of 30 pieces to himself, 20 pieces to each of three pirates, and 10 to the last crew member.

But his pirate crew did not agree, and Jiang found himself cast aside and the next pirate taking his place.

The pirates, high school students from around the globe, were on campus participating in the summertime Economics Academy. Their exercise was a scenario designed by Penn’s Alex Weisiger of the Department of Political Science to teach the principles of game theory.

The program is one of eight residential Summer Academies for high school students offered by the School of Arts & Sciences. The Economics Academy runs parallel with those offered on topics that include neuroscience, experimental physics, and global culture and media.

For three weeks, students from across the country and world visited Penn for an intensive introduction to economic topics and current affairs taught by faculty and visiting experts. For some, the attraction is studying economics, while for others it’s the draw of their first experience in communal, college life—living in a residence hall and eating in a dining hall—says Economics Academy director Rebecca Stein. 

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“For some of them, it’s wanting to challenge themselves with equally committed, bright fellow students,” Stein says. “Not everyone goes to a school where everyone is college-focused; this might be an opportunity for them to be in a community that is.”

Jiang, a rising sophomore from Philadelphia, says a friend told him about the biomedical program at Penn, but his interests were more aligned with finance and economics. He says learning the basics of economics was daunting at first. “The terms here are kind of confusing,” he admits, saying he’s learning a lot. “I’m meeting a lot of new people from around the world.”

The students in this year’s academy, led by economist Stein and political scientist and fellow co-director Deborah Harrold, alongside Angel Alvorado, a postdoctoral fellow in economics; Priya Rajagopalan, an economist with Penn's College of Liberal and Professional Studies; and economist Diego Aycinena, an associate professor of practice in behavioral and decision sciences. Students also heard from two guest speakers from the Federal Reserve Bank of Philadelphia.

Mornings typically focus on small group activities and instruction; afternoons are devoted to guest speakers, short films, or other application-based activities. Evenings and weekends are spent relaxing and participating in organized activities, from a trip to Washington, D.C. to sites around Philadelphia.

On this morning, Weisiger is introducing a range of topics to apply the principles of game theory, from corporate tax rates to multinational corporations, from capital mobility to the 1964 film “Dr. Strangelove.”

“Game theory is a lot of fun; it’s also very useful,” he tells students before launching them into the pirate scenario. “You can only learn game theory by doing it.”

A primary goal of the academy, Harrold says, is to help students apply the sometimes-dry elements of economic theory to stories and cases from current events and the media. “They have to use these concepts right away.”

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One day involved a trip to the Penn Museum for a specialized tour focusing on trade, globalization, and a historic perspective on economics. That was followed by a scavenger hunt with a twist; students had to locate items that demonstrated long-distance trade, a barter economy, or leisure goods, for example. “It’s very hands-on and combines theory with application to their lives and current events,” Stein says.

Max Brown, a rising senior from Los Angeles, says he wanted to experience what Penn was like, and his interests in economics and political science made this program a good fit.

He says the highlight was working closely with the faculty. “They’re so eager to teach and to learn,” Brown says. “They’re easy to communicate with, after class, before class, and they’re easy to have a conversation with on any topic.”

Fatima Ndiaye, a rising junior from Philadelphia, says she enjoyed learning about both microeconomics, including supply and demand, and macroeconomics, the bigger-picture topics related to policy and government decision-making. “I think that macroeconomics is really helpful if you want to use econ to help people benefit the economy and society at the same time,” she says.

A bonus for some students is that the program does not require calculus, unlike most economics programs, Harrold says. “It adds a lot to their understanding of politics and history, while for students who do have that math background, it enables them to think more broadly.”

“When they go to the white board and work to graph aspects of the recent rice shortages in Japan, or possible changes in coffee prices due to tariffs, they start to understand the theory better,” Harrold says. “When they research hyperinflation in different countries and present their findings to each other, they see the impact of monetary and fiscal policy, and the economic frame adds a lot to their understanding of the world.”