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Steven Gold, Ph.D.

Professor

Office Location: LOW-A315

Office Phone: 585-475-2318

Fax: 585-475-6920

Email:
sgold@saunders.rit.edu

Economics
Program Info. | Faculty List

Finance
Program Info. | Faculty List

Meet Steven

Steven Gold is a professor of economics in the Saunders College of Business at the Rochester Institute of Technology. His administrative experience includes serving as the current team leader in the finance and quantitative analysis area; and previouslsy as the department chair of finance, accounting and MIS, faculty director of the college�s management development program, and vice-president of the faculty senate at RIT. The focus of his research has been in the field of business simulations and gaming. He has published over 30 referred journal articles and proceedings on the topics of simulation and gaming, and the modeling of demand, production and finance algorithms. He is the author of 4 computerized business and economic simulation games with publishers including MacMillan, Random House, and McGraw-Hill. His most recent simulation game is called Beat the Market which is an interactive game used for teaching and learning economics (www.goldsimulatons.com).

He is a fellow and past-president of the national Association of Business Simulations and Experiential Learning (ABSEL). A bibliometric co-citation study cited Steven Gold as one of the most "influential" authors in simulation research with this association. He has received three best research paper awards, and in 2008 was recognized as one of the outstanding reviewers in the simulation research track. Steven Gold has presented his research abroad at the International Simulation and Gaming Association in Weimar, Germany; as a lecturer at Scheffield Polytechnic Institute in England; and in Prague, Czech Republic. For many years, he was an associate editor of Simulation & Gaming: An International Journal of Theory, Design, and Research; and is currently one of the reviewers. He received his B.A. in economics and B.S. in industrial engineering at Rutgers University in New Brunswick; and his M.A. and Ph.D. degrees in economics from the State University of New York in Binghamton.


Office Hours & Staff Assistant Information


Staff Assistant: Andrea Yancone
Staff Assistant Phone: 585-475-6063
Education
  • Ph.D. in Economics from SUNY Binghamton, 1979
  • M.A. in Economics from State University of New York at Binghamton, 1977
  • B.S. in Industrial Engineering from Rutgers - New Brunswick, 1972
  • B.A. in Economics from Rutgers - New Brunswick, 1972
Experience
  • Assistant, Associate, and Full Professor | Rochester Institute of Technolgy | 1980-Present
  • Acting Chair of Department | Accounting and Finance | 2005-2007
  • Chair of Department | Finance, Accounting, and MIS | 1999-2002
  • Assistant Professor | State University of New York at Geneseo | 1977-1980
  • Industrial Engineer | Bausch & Lomb | 1972-1973
Expertise [expertise maps]
  • Computer modeling
  • Economics
  • Financial markets
  • Managerial economics
  • Micro economics
  • Simulation
  • Visual Basic
Memberships
  • American Economics Association
  • Association of Business Simulations and Experiential Learning
  • Eastern Economics Associaiton
  • New York State Economics Association
  • Southern Economics Association
  • Western Economics Association
Awards
  • Outstanding Reviewer - Simulation Track, Association of Business Simulations and Experiential Learning - - 2008
  • Research Sabbatical - faculty development leave, RIT - - 2003
  • CFP national award for best published research paper, Certified Financial Analysts - - 2000
  • Best Research Conference Paper, National Association of Business Simulations and Experiential Learning - - 1998
Research

Journal Articles

  • Wolfe, J., Biggs, W., & Gold, S. (2013). A replication and expansion of Teach and Patel's discovery of early-determined endgame finishes. Simulation & Gaming, 44 (4), 493-513.
  • Gold, S. (2013). Economics Online Simulation Game: Beat The Market for Perfect Competition, Monopoly, Monopolisitc Competition & Oligopoly. Multimedia Educational Resources for Learning and Online Teaching, ().
  • Boehner, R., & Gold, S. (2013). Herding Behavior in the DJIA 2005-2009: An Application of the Bass Model. Journal of Applied Financial Research, ().
  • Gold, S. (2012). The Impact of Trading Volume on Next Day Stock Returns in the DJIA 2007-2009. Journal of Applied Financial Research, 1 (), 28-36.
  • Gold, S., & Wolfe, J. (2012). The Validity and Effectivness of a Business Game Beta Test. Simulation & Gaming, 43 (4), 481-505.
  • Boehner, R., & Gold, S. (2012). The Influence of the Marketing Mix on the Diffusion of Innovation: Bass Model Redux. Academy of Business Journal, ii (), 42-68.
  • Gold, S., & Gold, H. (2010). Beat the Market: An Interactive Microeconomics Simulation. Journal of Economics Education, 41 (2).
  • Gold, S., Faria, A., Hutchinson, D., & Wellington, W. (2009). Developments in Business: A Review of the Past 40 Years. Simulation & Gaming, 40 (4), 464-487.
  • Gold, S., & Wolfe, J. (2007). A Study of Business Game Stock Price Algorithms. Simulation & Gaming, 38 (2), 153-167.
  • Gold, S. (2005). System-Dynamics-Based Modeling of Business Simulation Algorithms. International Journal of Simulation and Gaming, 36 (2), 203-218.
  • Gold, S. (2004). Price-Volume Relationships and Stock Returns. Journal of Accounting and Finance Research, 12 (3), 85-94.
  • Gold, S., & Pray, T. (2001). Historical Review of Algorithm Development For Computerized Business Simulations. Simulation & Gaming, 30 (3), 264-282..
  • Gold, S., & Lebowitz, P. (1999). Computerized Stock Screening Rules for Portfolio Selection. Financial Services Review, 8 (2), 61-70.
  • Gold, S., & Pray, T. (1999). Changing Customer Preferences and Product Characteristics in the Design of Demand Functions. Simulation & Gaming, ().

Proceedings

  • Gold, S., Markulis, P., & Strang, D. (2014). ABSEL Research -- A Perspective on the Quality of the Research Presented in the Proceedings. ABSEL, Association of Business Simlations and Experiential Learning.
  • Gold, S. (2013). Follow the Leader II. ABSEL, Association of Business Simlations and Experiential Learning.
  • Gold, S., & Boehner, R. (2012). Modeling the Impact of the Marketing Mix on the Diffusion of Innovation in the Generalized Bass Model of Firm Demand. ABSEL, Association of Business Simlations and Experiential Learning, 75-91.
  • Critelli, M., Schwartz, D., & Gold, S. (2012). Serious Social Games: Designing a Business Simulation Game. IEEE International Games Innovation Conference.
  • Gold, S., Strang, D., & Markulis, P. (2011). Demand Equation Redux: The Design and Functionality of the Gold-Pray Model in Computerized Business Simulations. ABSEL, Association of Business Simlations and Experiential Learning, 28-35.
  • Wolfe, J., & Gold, S. (2010). Examining a Beta Test. ABSEL, Association of Business Simlations and Experiential Learning, 129-140.
  • Gold, S. (2008). Design and Demonstration of an Online Managerial Economics Game with automated Coaching for Learning and Graded Exercises for Assessment. Developments in Business Simulations and Experiential Learning, 336-339.
  • Gold, S., & Snarr, H. (2006). The Design and Use of a Macroeconomics Simulation Using Maple Software: A Pilot Study. Developments in Business Simulation and Experiential Learning , Vol. 33, (2006): pp. 253-262..
  • Gold, S., & Wolfe, J. (2004). A Study of Business Game Stock Price Algorithms. Developments in Business Simulations and Experiential Learning, 190-196.
  • Gold, S. (2003). The Design of Business Simulations Using A System-Dynamics Based Approach. Developments in Business Simulations & Experiential Exercises.

Books

  • Gold, S. (2007). Beat the Market Online: An Interactive Microeconomics Game (pp. ). Gold Simulations LLC.
  • Gold, S. (2004). Beat The Market: An Interactive Microeconomic Game (pp. ). Gold Simulations LLC.

Presentations

  • Strang, D., Markulis, P., & Gold, S. (2013). Follow the Leader II. ABSEL, Association of Business Simlations and Experiential Learning.
  • Gold, S., & Boehner, R. (2013). Key Market Financials of the DOW Companies Ranked by Herding Effect for the Years 2007 to 2011. Academy of Business Research.
  • Critelli, M., Schwartz, D., & Gold, S. (2012). Serious Social Games: Designing a Business Simulation Game. IEEE International Games Innovation Conference.
  • Gold, S., & Boehner, R. (2012). Modeling the Impact of the Marketing Mix on the Diffusion of Innovation in the Generalized Bass Model of Firm Demand. ABSEL, Association of Business Simlations and Experiential Learning.
  • Gold, S., & Boehner, R. (2012). Herding Behavior in the DJIA 2005-2009: An Application of the Bass Model. Academy of Business Research.
  • Gold, S. (2011). The Impact of Trading Volume on Next Day Stock Returns in the DJIA. Academy of Business Research.
  • Gold, S., & Strang, D. (2011). Demand Equation Redux: The Design and Functionality of the Gold-Pray Model in Computerized Business Simulations. ABSEL, Association of Business Simlations and Experiential Learning.
  • Gold, S. (2009). Beat the Market. Association of Business Simulations and Experiential Learning.
  • Gold, S. (2008). Design of an Online Managerial Economics Game. Association of Business Simulations and Experiential Learning.
  • Gold, S., Goosen, K., & Wolfe, J. (2007). Alternative Ways of Using the Internet for Business Simulations to Input Decisions, Process and Present Financial and Economic Data. Association of Business Simulatons and Experiential Learning.
  • Gold, S. (2006). The Use of an Interactive Simulation Game to Teach Microeconomics. American Economics Association.
  • Gold, S. (2005). Simulating the Four Market Structures: Perfect Competition, Monopoly, Oligopoly, and Monopolistic Competition. Association of Business Simulations and Experiential Learning.
  • Gold, S. (2005). The Design and Use of a Microeconomics Simulation: A Pilot Study. Southern Economics Association.
  • Gold, S. (2005). Demonstration of a Microeconomics Games as a Learning and Assessment Tool. Western Economics Association.
  • Gold, S., & Wolfe, J. (2004). A Study of Business Game Price Algorithms. Association of Business Simulations and Experiential Learning.
  • Gold, S. (2004). Beat-the-Market: An Interactive Microeconomics Game. Teaching Economics Conference, California State University and McGraw-Hill.
  • Gold, S. (2003). Price-Volume Relationships and Stock Returns. American Academy of Accounting and Finance.
  • Gold, S. (2003). The Design of Business Simulations Using a Systems Dynamic Based Approach. Association of Business Simulations and Experiential Learning.
  • Gold, S. (2001). E-Learning: The Next Wave of Experiential Learning. ABSEL, Association of Business Simlations and Experiential Learning.

Working Paper


  • 2013: Boehner, R., & Gold, S., Who Initiates Investment Herding: An Evaluation of the Causes and Extent of Herding Behavior of DOW Firms. We are completing the data analysis and have some some tentative results. This is a second follow-up study to an earlier paper which has been accepted in the Journal of Applied Financial Research. The focus of this study is to identify the initiators of herding.  To do this, the causes and extent of investor herding behavior for DOW firms is analyzed for the years 2007 to 2011. Herding starts with influential investment initiators who attract early imitators, who in turn attract later imitators. In particular, the role of the industry outlook, the financial performance of the firm, and the characteristics of the initiators of the herding process are examined. Our tentative results show that investor herding behavior is highest with firms in rapidly growing or declining industries, firm’s with highly successful or weak earnings performance, and with financial analysts in major investment companies. These findings provide significant insights with respect to investment strategies.    

  • 2013: Gold, S., & Boehner, R., Key Market Financials for the DOW companies ranked by Herding Effect for the years 2007, 2009 and 2011. Data collection and intial evaluation stage. The WRDS database at the Saunders college is being used with CRSP and COMPUSTAT. We are examining the characteristics of DOW companies in which the investment herding effect has been substantial. This is another study in a stream of research that we have started on herding behavior in the financial markets ,which is linked to the literature on behavioral finance.

Software


  • 2012: StoreWorld. One of the lead developers of a business simulation game called StoreWorld™ in collaboration with the Golisano College of Computing and Information Sciences and the College of Imaging Arts and Sciences. The game was beta tested in the Fall Quarter of 2012 in the World of Business course with instructor John Ward. The survey results given to students were quite positive. StoreWorld™ is an educationally and socially engaging game that runs in Facebook.  Working in teams in the game, players manage a clothing store, and decide how to allocate resources to attract computer-generated shoppers to gain market share and profits. The game’s leaderboard recognizes which teams know how to sell the most clothing and have the potential to be successful financial managers. During the game students have the opportunity to meet other students in a social network setting through Facebook.