The Mathematics of Decision Making: A Model for Collaboration Between Mathematics and Other Fields

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Each year, hundreds of thousands of prospective students in business and public administration (BPA) degree programs take required mathematics courses because they need to learn to use mathematics effectively in making decisions. However, this need is often not addressed by the traditionally required courses. The main goal of this project is to produce materials that convince students that mathematics and modern computer technology are valuable tools in solving realistic problems and to teach them to utilize these tools effectively. We plan to develop, site-test, and nationally disseminate an archive of substantial, technology-based case studies (a realistic scenario which can be used to introduce the mathematical content) in the mathematics of decision-making. These will take between a few days and a few weeks to teach, and can be used instead of or in addition to a text. Each case study will be developed by teams consisting of faculty from mathematics and BPA, to be chosen from around the county. The co-PIs Thompson and Lamoureux, in a partnership between the University's Department of Mathematics and the College of Business and Public Administration, have produced case studies on whether to foreclose a commercial loan or work out an arrangement with the creditor, and on how to price a stock option. Hughes Hallett, in collaboration with E. Connally of Wellesley College and faculty at Harvard University's Kennedy School of Government, has produced case studies on the Austrian state pension system, population projection using US census data and data from the CIA World-book, and water flow in the Charles River using data from the US Geological Survey.