Learning Videos Contract Design
Prof. Stremitzer and his team are creating learning videos (LVs) that will further increase the educational value of the course Contract Design I. The purpose of the LVs is to introduce students to the most relevant theoretical concepts of contract design. This prepares them for class time with Prof. Stremitzer, when students will apply the concepts to real-world case studies.
The project
Contract Design aims to teach students how to structure transactions so that parties can achieve their goals. Drawing insights from economic contract theory and mechanism design, the course initially devoted excessive class time to teaching theoretical concepts. Consequently, we made the decision to produce professionally recorded learning videos, allowing students to come to class prepared. The rationale behind this approach was to utilize class time for in-depth discussions of concepts and their application to real-world case studies.
Implementation into teaching practice
We recorded approximately 40 high-production-value videos at the ETH studio utilizing a teleprompter. Each video has an average duration of 15 minutes. We ensured professional illustration by a graphic designer for each video. Additionally, every video is accompanied by specified learning outcomes. Students are required to watch these videos at home before attending class. This effort is included in the ECTS points for students. During the initial 10 minutes of each class, students engage in a computer-graded quiz designed to assess the attainment of learning outcomes. The individual test results are included in the overall score to a lesser extent. This structure provides students with multiple opportunities to receive feedback on their learning progress throughout the semester. The bulk of the class time is dedicated to applying theoretical insights to real-world case studies. Another important part of the lesson is gaining knowledge through a moderated group discussion in the sense of a Socratic dialogue.
Lessons learned and further impacts
Producing professional videos is an extremely time-consuming task, particularly when using a teleprompter, which demands flawless transcripts. Achieving perfection in this regard necessitates multiple rounds of revision and editing. Underestimating the magnitude of this team effort resulted in a longer project duration than initially anticipated; however, all goals were ultimately achieved.
Evidence of increased student satisfaction is reflected in teaching evaluations and other feedback loops we implemented. With the use of learning videos in this flipped classroom concept, Prof Stremitzer has generally noticed a greater dynamic in the course. Many more students get involved and the teaching is more varied and stimulating. Prior to the project, the class was only taught to about 20 students per year. Now, the class is offered to over 250 students annually at various universities worldwide. The combination of videos with computer-graded exams to assess learning outcomes has allowed for a more scalable class structure.
With this project, ETH has positioned itself as an international leader in this field, with its teaching materials being adopted by institutions around the world.