The MIT Technology Review looked at a new way to grade homework:

• CrowdGrader lets students submit their homework, and then redistributes that homework to five other students to be assessed.
• To ensure that the students do a good job in assessing other people’s work, their own grade depends on the quality of their assessment of others.
• Students benefit because when teachers grade homework they only have so much time to devote to each submission. But the student-graders provide more detailed assessments, and there are multiple students providing feedback.
• Students also benefit from reviewing other people’s work by seeing how different methods were used to solve the same problem, and the mistakes that other students made. This ultimately means that the material is better learnt.

Read more about some of the drawbacks of the approach, what this means for the future of education, and more over here.

Source: MIT Technology Review