The authors of this article examine the effect of online proctoring on exam scores with samples of proctored and unproctored students in an upper-level economics class. They document a proctoring discount (i.e., the tendency for lower scores on proctored exams versus on unproctored exams) and a relationship with students' perceptions measured by trust and a belief in a perfect online proctoring system. The authors suggest that the elimination of the proctoring discount is a worthwhile goal of the educational community as online learning and assessment activities have become increasingly popular since the COVID-19 pandemic.