Assessing Expertise in Economic Problem Solving: A Model

Abstract In this preliminary study, the authors examine the research literature and schematic models associated with the so-called expert-novice paradigm in cognitive psychology. Using this broad base, they develop a model for rendering expertise in problem solving within the domain of economics. Three principles-based economic problems were posed to three academic economists and two novices in the domain. Responses were given verbally; they were recorded, then transcribed, and used by the authors to develop the model. The initial findings and results of this preliminary study indicate that this model effectively rendered both expert and novice problem solving in economics.