Does one size fit all? Assessing teamwork in econometrics

Abstract Econometrics has become increasingly important in Economics and Business degrees, since it appears to be narrowly related to several main skills and competencies as information management, creativity, problem‐solving or decision‐making. Furthermore, the development of information technologies, including econometric software, makes it possible to learn Econometrics by doing Econometrics. In this context, teamwork can play an important role in the teaching–learning process by allowing students to collaborate in the development of an econometric model, becoming familiar with econometric software and acquiring a wide variety of teamwork skills as demanded by employers. Moreover, from the teachers' perspective, teamwork represents a good opportunity to reexamine some methodological aspects and suggests new challenges in the monitoring and assessment of teamwork. In this paper we summarise our experiences in the monitoring and assessment of econometrics teamwork, providing some suggesting empirical findings. We present an assessment proposal based on both objective teaching criteria and teammates’ gradings and we use empirical evidence to answer some relevant questions related to the consistency of information provided by students, the existence of significant biases and group effects, and the impact of teamwork on academic results. Context and implications Rationale for this study : To gain a better understanding of teamwork assessment involving students and teachers. To provide empirical evidence about the impact of collaborative work and the potential of students' self‐ and peer‐assessment. Why the new findings matter : The findings confirm the consistency of students when evaluating teamwork, also detecting a negative impact of intragroup heterogeneity on the teamwork outcome. Some significant biases are detected when comparing students' self‐assessment with corresponding peer and teacher assessments. Teamwork efforts have a positive impact on academic results. Implications for policy makers and practitioners : Universities should be encouraging students' participation in the assessment process, especially when dealing with collaborative experiences. Those involved in the teaching–learning process should make use of the available empirical information to better understand the impact of teamwork on academic results and students' motivation. Further research and more institutional support are advisable in this field.