Ultrinsic Motivator

A friend of mine started a service called Ultrinsic Motivator, which allows students to place a de facto bet on their success in a class.  Users put money (at this point $20) into a pot which is then divided among those who receive an A in the course.  The idea is economically sound, pragmatic, and socially beneficial — it works by financial incentives, it’s simple, and it motivates students to study hard and make good grades.  

I didn’t enter the only contest I was available for — Statistics for Economists — because I was quite certain I bombed the first problem set and I’m fairly certain I’ll be lucky if I manage to snag an A minus.  Next semester I will definitely enter.  You should too.