Teaching management and finance through simulation: Choosing the proper paradigm

Compared to analytical modelling, simulation has sometimes a greater expressive and computational power, especially for a behavioural study of an activity, system, organisation and other topics from the Social Sciences, which an analytic study cannot adequately achieve. In this paper simulation is discussed as a support for teaching and knowledge transfer: a model can be built and used to dynamically show and explain a particular phenomenon through direct experiments, though contributing to a "maieutical" way of learning by the students (learning by doing). Also team work is triggered by using simulation models as a educational tool. In particular, three simulation paradigms are described, along with their potential applications and points of strength and weakness. Management and Finance are the focus of the work, but the same considerations may be extended to other social disciplines and sciences. Note: Although the article is the result of a joint research project, the paragraphs are divided among the authors as follows: paragraphs 1 and 5 are jointly written and equally divided among all the authors; paragraph 2 is by Nicola Miglietta; paragraph 3 is by Anna Maria Bruno and Marco Remondino; paragraph 4 is by Marco Remondino.