Espinosa, María Paz; Gardeazabal, Javier - In: Journal of Economics and Management 9 (2013) 2, pp. 107-135
A disadvantage of multiple choice tests is that students have incentives to guess. To discourage guessing, it is common to use scoring rules that either penalize wrong answers or reward omissions. In psychometrics, penalty and reward scoring rules are considered equivalent. However, experimental...