Which of the following is NOT a core element of expectancy theory?

• A. Equity
• B. Effort
• C. Performance
• D. Valence

Answer: (A)

Expectancy theory explains motivation as a function of beliefs in a chain: effort leading to performance, performance leading to outcomes, and the value of those outcomes. Equity doesn't fit into that chain. Equity is a concept from equity theory, which focuses on fairness in rewards and social comparisons, not on whether effort will improve performance or whether good performance will yield valued rewards. So the element that matters in expectancy theory is the belief about effort (effort → performance), the belief about performance leading to rewards (instrumentality), and how much those rewards are desired (valence). Therefore, equity is not a core part of expectancy theory.