Examination marking and econonic models

Leslie, Derek (2006) Examination marking and econonic models. In: Department of Economics discussion paper series. Discussion Paper. Manchester Metropolitan University. (Unpublished)

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Abstract

Examination marking is often inaccurate. This inaccuracy is shown to be structurally different from the classical approach to errors in variables. Many economic problems can be analyzed within this generic "teacher-student" framework where grading errors are the central feature. Examples are submission to a peer reviewed journal, the job market, loans, crime, the market for lemons and matching problems such as marriage. Students decide whether to have their examinations graded based on a rational assessment of the costs and expected benefits. This decision takes into account the teacher¿s ability to grade accurately in addition to student assessment of the true grade.