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This article does not actually address the cause and effect relationship between equity and employee motivation. From the title and introductory paragraph, it seems as though the author will talk about what actually motivates employees, and how common perception of employee motivation is a myth.

However, the article simply does some math to show that equity SHOULDN'T motivate employees, and never talks about whether or not it DOES motivate employees. Even if the numbers don't work out in a developer's favor, that doesn't necessarily mean they do the calculations up front and and totally rationally.

People still buy lottery tickets despite the poor odds, and developers will continue to be motivated by equity even if it is irrational.