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> Should I, or anyone else, be fined for that?

If you had been made aware, in advance, that there was a fine, then sure, you should be fined for being tardy.

Are you pattern-matching on "VC", "lateness", "fine", and your own negative feelings regarding having been late to a VC meeting?

Your reaction to this story (VC firm trying to show that it values potential investment targets' time) is like someone worrying that, since a pizzeria has a policy of not charging customers for a pizza if it's delivered late, you're going to have to provide the delivery person with a free sandwich if you don't get to the door quickly enough after he rings the bell.

The idea that it's all about the monetary penalty to get the "right" behavior is not just the wrong incentive, as the research shows, but also reinforcing negative stereotypes of VCs.

It's a bad idea.

I don't think you really understood the research. The research was talking about the difference between social and market norms, not directly about what is the appropriate cost for lateness.

It was social norms that kept the parents picking up the kids on time consistently. Adding a small cost switched the parents from social norms mode to market norms mode. Instead of the parents thinking "oh no, I better hurry now, because it's wrong to be late" as was the case when lateness was free, it became a "is it worth $3 to be 10 minutes late?" calculation.

Replacing social norms with a poorly chosen market rate is dangerous and can potentially backfire. Essentially, there is a discontinuity in people's behavior between a cost of $0, where you benefit from social norms, and a cost of epsilon, where the social norms go out the window. If you actually charge people the cost they are inflicting on you for lateness, then it's again a different story.

Correct, so we would be replacing "let's be on time for meetings with our business partners because we respect them" social norms, with "is it worth $50 to be 5 minutes late for this meeting with a company we invested in?" for ... a venture capitalist. People who have, er, lots of money. That's why they're in the room.

I'm not clear what you thought I misunderstood here.

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