EWOT Goggles - 10/7

Incentives, incentives, incentives. People's behaviors will change when you change benefits and costs. So, what were the incentives to study for this week's Economics exam? Obviously to get a good grade. But were the incentives for each individual person different? I guess there's no way of knowing but when I took a look around the room, certainly not everyone seemed entirely focused on the exam. So, if people pay $54,000 a year to go to this school, how can it be that people don't take the exam seriously? Everyone's incentives are different; everyone places different values on things. Some people put high importance on Econ 108 while others put little importance on it. These same people probably put more importance on other things and other classes. You make a trade-off when you take the exam: you take time to study, you will probably do well. If you don't take the time, you will probably not do well. So, people's values are revealed by the trade-offs they make.