Optimal Correction for Guessing in Multiple-Choice Tests
AbstractBuilding on Item Response Theory we introduce studentsâ€™ optimal behavior in multiple-choice tests. Our simulations indicate that the optimal penalty is relatively high, because although correction for guessing discriminates against risk-averse subjects, this effect is small compared with the measurement error that the penalty prevents. This result obtains when knowledge is binary or partial, under different normalizations of the score, when risk aversion is related to knowledge and when there is a pass-fail break point. We also find that the mean degree of difficulty should be close to the mean level of knowledge and that the variance of difficulty should be high.
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Bibliographic InfoPaper provided by University of the Basque Country - Department of Foundations of Economic Analysis II in its series DFAEII Working Papers with number 2007-08.
Date of creation: Dec 2007
Date of revision:
Postal: Dpto. de Fundamentos del Análisis Económico II, = Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain
Find related papers by JEL classification:
- A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
- D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
- I2 - Health, Education, and Welfare - - Education
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-12-15 (All new papers)
- NEP-KNM-2007-12-15 (Knowledge Management & Knowledge Economy)
- NEP-UPT-2007-12-15 (Utility Models & Prospect Theory)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Maya Bar-Hillel & David Budescu & Yigal Attali, 2005. "Scoring and keying multiple choice tests: A case study in irrationality," Mind and Society: Cognitive Studies in Economics and Social Sciences, Fondazione Rosselli, vol. 4(1), pages 3-12, 06.
- María Paz Espinosa & Javier Gardeazabal, 2013.
"Do Students Behave Rationally in Multiple Choice Tests? Evidence from a Field Experiment,"
Journal of Economics and Management,
College of Business, Feng Chia University, Taiwan, vol. 9(2), pages 107-135, July.
- M Espinosa & J Gardeazabal, 2007. "Do students behave rationally in multiple-choice tests? Evidence from a field experiment," Natural Field Experiments 00237, The Field Experiments Website.
- Marín, Carmen & Rosa-García, Alfonso, 2011. "Gender bias in risk aversion: evidence from multiple choice exams," MPRA Paper 39987, University Library of Munich, Germany.
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