How much do you think a 170 on the LSAT is worth?

AReasonableMan
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Re: How much do you think a 170 on the LSAT is worth?

Postby AReasonableMan » Tue Dec 16, 2014 3:17 pm

WordPass wrote:
AReasonableMan wrote:
banjo wrote:If it were legal, I would take the LSAT for someone and guarantee a 170+ for about $1500. I would probably do it for less too. Could use the money.

On second thought, people like you would destroy the market by willing to do it for much less making market price too low. It's a shame.


haha, I mean, if you guys were operating under what is our current system today, you couldn't price fix anyway. The market would fix itself (sorta) and that number would probably be higher than his $1500 but not as high as people would be willing to truly pay.

Eventually, some nerdy goons will get together and "mark their turf." Anybody who sold a score in a given area without going through them would wind up in the marsh. It's real money and it's quick service so it wouldn't be run like a TestMasters or whatever. Also, both sides will take advantage of other. You'll have people who will demand to only pay on receipt and then not pay, and individuals who scam desperate 170 seekers. Inevitably, some type of mafia will develop.

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Jeffort
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Re: How much do you think a 170 on the LSAT is worth?

Postby Jeffort » Tue Dec 16, 2014 6:45 pm

AReasonableMan wrote:Eventually, some nerdy goons will get together and "mark their turf." Anybody who sold a score in a given area without going through them would wind up in the marsh. It's real money and it's quick service so it wouldn't be run like a TestMasters or whatever. Also, both sides will take advantage of other. You'll have people who will demand to only pay on receipt and then not pay, and individuals who scam desperate 170 seekers. Inevitably, some type of mafia will develop.


LMAO! :lol:

Maybe, but I don't think a group of LSAT experts would be very scary or an effective mafia at protecting their turf. Any that tried would have to outsource to get some 'muscle' and/or enforcers to have a chance at even appearing threatening.

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WordPass
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Re: How much do you think a 170 on the LSAT is worth?

Postby WordPass » Wed Dec 17, 2014 1:26 am

Instead of guns and hiding dead bodies, they use mechanical pencils (I know, rebels) to stab people and make them take the LSAT in the worst reviewed test centers.

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Mack.Hambleton
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Re: How much do you think a 170 on the LSAT is worth?

Postby Mack.Hambleton » Wed Dec 17, 2014 1:45 am

My retake was worth 165k

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180asBreath
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Re: How much do you think a 170 on the LSAT is worth?

Postby 180asBreath » Wed Dec 17, 2014 2:03 am

It is worth every moment you spend working for it.

I tanked my first LSAT (150's), spent 10 weeks obsessing about my 2nd (~165), and got really friggin' lucky with a six-figure scholarship to a T14, which later turned into a biglaw offer. However, I will never know how much not getting in the 170's cost me (anywhere from another $50k in scholarships to the kind of job that would have paid my millions more or brought me true satisfaction).

If anyone reading this is thinking about taking the LSAT, put in as much calculated time and effort into your prep...

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schmelling
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WordPass
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Re: How much do you think a 170 on the LSAT is worth?

Postby WordPass » Wed Dec 17, 2014 4:35 am

I have a modest background in Economics. Also got an A- in both Quantitative Methods and Econometrics (so take this with a grain of salt).

But I think that this particularly would be incredibly hard to calculate. Like, very very incredibly hard. Calculating it in theory would involve having 1. An immense amount of assumptions. 2. Neglecting relevant parts since some things are not quantifiable.

These are normal, okay and encouraged things when we are calculating things in theory, but this would involve so much of it that the number almost wouldn't really count. This is my feeling on initial thought, though. I haven't thought it through and maybe if I spent some time contemplating it, I'd retract that statement.

So, I think it's either that, or maybe we'd have to come up with something like a range. I'm guessing the range would be incredibly wide and would be alright for an Econometrician, but would leave the layman/woman incredibly unsatisfied.

Still, I'd be curious to find out the number if someone did do it and mainly, what their methodology was!

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PeanutsNJam
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Re: How much do you think a 170 on the LSAT is worth?

Postby PeanutsNJam » Wed Dec 17, 2014 5:18 am

All you need are willingness to pay by consumers and marginal costs by providers for a basic model.

Providers: Test takers. Assuming you're already able to score 170+, the marginal cost is the ~hours of work you need to put in to go and take the test, mental stress, prep time between administrations, yada yada. For a test taker whose PT average is over 175, it only "costs" them at most a few thousand bucks of effort to go take the test and do well. The more they take the test, the easier it is for them. It's economies of scale: the more of a good a person provides, the lower the marginal cost. Therein lies the difficulty of estimating a price: a 170+ is worth a lot more money than the effort it takes to get it. I'm sure there's an economic term for this service, I don't recall it/never learned it. It's like a luxury handbag that costs the boutique $2000 to make but they can sell it for $26,000.

Consumers: Another issue. You need people who are lazy or incompetent (cannot score a 170+ no matter how much studying they try), and trying to go to law school. You need to find a price that these folks can afford, but also be worth the test taker's time. That's how I'd estimate equilibrium price at least.




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