This paper is the first to structurally model how a test taker answers questions in a multiple choice exam. We allow for the possibility of a penalty for a wrong answer which makes risk averse ...

Remember that the test maker must be able to defend the correct answer and defend the claim that the other three answers are wrong. With multiple-choice questions, only one of the answers can be ...

You took all your notes. You stayed for tutoring. You studied all week. (Right?) Yet, the minute you received that test form, your mind collapsed, your anxiety reached an all-time high, your time ran ...