I'm in the midst of giving my Advanced Corporate Finance class their final. Since it's open-book/ open-notes, monitoring costs are almost zero (I just have to check for occasional peeking at others' papers).
So, in the next three hours, I get to grade my other final exam, do some reviewing for CFA, and empty out my cache of unblogged items.
All hail the open-book exam. Of course, the cost is that I can't do multiple choice or simple definitional -type questions, so it takes longer to make up an exam. But since they're seniors, they shouldn't be seeing those types of exams in any case (that doesn't meant that some of my colleagues don't give multiple choice exams, but that's another story).
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