00:01
So, chapter 1, section 1, problem 5, give us a situation where someone is essentially discussing the effects of schooling in the classroom and how the grading system can affect the student's motivation to study and go to class and be a good student.
00:21
And so the first part of the question is, how could the grading system a teacher uses affect the incentives of students to learn the course material? well, essentially, grades are the incentives that teachers give to students to study and to get good grades and pay attention in class.
00:44
And students maximize the utility function where grades are one of the goods that they get out of it.
00:50
As a result, grading greatly influences student behavior because it essentially drives all their studying, all their focusing class, all their participation and everything.
01:02
And if a teacher only chooses to take certain grades for certain materials, say maybe homework assignments or pop quizzes, then students will be influenced to study material more than other material that they could potentially study instead.
01:18
And that would be the opportunity cost.
01:20
Or the opportunity cost of studying for this class with a harder grading system would be the cost or the time that you could have put into another class.
01:32
That is hypothetically easier than this class.
01:38
So the second part is if teachers put too little weight on one area of the grading scale, such as, say, quizzes or tests or homework, how would this affect the students and how would they respond to this change? well, if, say, homework is worth 10%, whereas tests are worth 90%, then obviously students would spend a lot more of their time studying for tests than studying than doing their homework because tests are worth so much more to their grade than homework does.
02:23
And this is because students strive to maximize this utility function by, you know, to get the best possible degree that they can using their limited resources such as time and energy.
02:36
And so in that case, like i said before, they would end up studying more or they would prioritize certain areas of the rubric over others.
02:56
Whereas the first one would be grades is incentives for students and therefore drives their actions in the classroom to receive good grades...