The first thing that came to mind when I read this blog post was using "IlliniBucks" at the local bars on campus. It is no mystery that the University's social scene revolves around the bars, The Red Lion and KAMS. These bars constantly take cover and constantly, night in and night out, have lines that sometimes take up to an hour to enter the bar. On top of that, you have bar employees trying to cut the line with their friends, which adds added stress to the line, but also to the bar employees actually working on a given night. In my opinion, if the university gave away this sort of currency to the students, I would use it on the bars because then I would not have to show up early to avoid the lines and cover fees. The perfect candidate for this who should be allocated the most amount of IlliniBucks would be somebody who goes to the bar more frequently than the average student.
For example, I know certain people on campus who go to the same bar, The Red Lion, six nights a week, they would go on Sunday but it's closed. They spend copious amounts of money on bar tabs at these specific bars and I believe students who have the ability to go out out every night and still maintain the ability to balance their workload or at least stay afloat academically should be awarded the most. The bar could come up with some sort of system or mobile application, which will keep tally on how much they are spending a week. In return, they get a proportionally equal amount of "IlliniBucks". The University would give these "IlliniBucks" who would allocate them to their "best clients", essentially. So basically, the University is paying these students to go out for free, which is similar to students receiving financial aid for academic success.
There could be a variety of issues, for example this could perpetuate students to actually go out more and thus negatively affect their academics. Additionally, everybody could end up doing this and the entire idea of having this sort of "VIP" line would fall apart. Also if people start going out every night for these bucks, the overall academic prestige of the university would crumble. In terms of the price, if the price were too low, some people may be deterred because they might not believe their marginal utility is worth going through the trouble of obtaining these bucks. If the price is too high, there would be a lot of competition because then everyone would want in because there worth more and people would want them more.
This same situation could be completely opposite and work at the Undergraduate Library here right on campus. Students who visit the library the most, print the most, check out the most books, or even to browse the web would be awarded the most bucks by libraries and it would allow students to get late night seating during finals (VIP seating), jump the printing line, or other benefits. If the price were too low, it would be similar to the bars were students would not think they are worth it and may decide to choose to stay in where distractions are. Additionally, if the price were too high the libraries could become overcrowded and unproductive. While I may not be the perfect student, I would take advantage of this because I am so much more productive in a library setting as compared to a non-educational building and I prioritize having my own table in the basement of the UGL.