Why give GM badges at a con? Man hours.
I typically requires 8 hours of game running for 1 badge (2 four hour sessions). The typical game has an 8 person limit. So 16 people, each getting 4 hours, for 64 man hours of content provided for 1 badge.
A typical panelist will do a 1 hour panel for a badge. They would need 64 people there to do the equivalent of a GM. Some panelists do more (I've run 3 hour workshops for 100+), some do less. A typical range is 50-100 man hours of entertainment for a single panelist badge. However, this ratio decreases when you add co-panelists. If you have 2, then it's 25-50. If you have as many as 4 panelists, then it's 16-25 man hours per badge.
GM'S provide the same average level of man hour entertainment for a con as a panelist. That's why you should always compensate them similarly.
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