While hanging out together one Sunday afternoon, I mentioned to my friend Steven Wolf that I had an exam the following day and that if I were to study I was sure to get an A. (At the time, I was a student at University of Pennsylvania.) But I was enjoying my Sunday afternoon, and I told Steven that I had no intention of studying. That's when, in order to provide me with motivation, we made the following agreement: If I got an A on the exam, he would give me $100, and if I didn't get an A, I would give him $20. Steven and I quickly realized that lots of other students might like this kind of motivation. To that end, we began developing what is now Ultrinsic Motivator Inc. - Jeremy GelbartUltrinsic.com is company that offers you a chance to buy class insurance, speculate on your grades, and other organized and legalized forms of gambling. I'm of mixed feelings on this. I do recognize that college education is a massive investment, and investments deserve insurance (Car, Home, Health...), so why not education? On the other hand, this makes me feel a bit uneasy. What do you all think? I'm curious to hear your two cents.
Friday, 9 October 2009
Gambling on your grades?
I got this link from Marginal Revolutions, an economics blog with multiple authors. There are markets in everything. Including, apparently, gambling on your grade: