Posted by Donna Lee on February 07, 1998 at 17:48:49:
In Reply to: Re: prize money posted by Ted Bergstrom on January 21, 1998 at 12:00:54:
I used the dual incentives, cash prizes and extra credit towards the final grade. To win cash prizes, students could purchase "shares" in a profit fund. Shares were sold for $5 each and students were allowed to buy up to two. After the first week I closed the fund and sold no additional shares. (For an interesting twist, I allowed shares to the fund to be completely transferable. Last year, a side market for profit shares developed which became quite active towards the end of the semester.) Final pay out was allocated based on performance in the game. E.g. Upper 90th percentile received $16.75 per share held, 80th percentile received $13.50 per share, etc. I also gave out 3% extra credit for those finishing in the 90th percentile (over the entire class), 2% extra credit to those in the 70th percentile, and 1% extra credit to all students in the top 50th percentile. Last year, students were motivated more by the extra credit than the cash. Students this year seem much the same.