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JGWeissman comments on Eight Short Studies On Excuses - Less Wrong
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We had this system for my second year physics project at university. I hadn't started it when the deadline arrived and decided the penalty rate was too steep to bother starting when the deadline passed. Several weeks later I was summoned to explain why I hadn't handed the project in and I explained that it hadn't seemed worth starting given how little it would be worth by the time I finished it (by this point the penalty had long since reduced the potential grade to ~0). They told me if I completed it before the end of term they wouldn't apply the penalty
Perhaps making students like you feel that it is worthwhile getting started once you have already procrastinated contributes to the success of this strategy.
Perhaps, but my problem was more that I mistook a theoretical interest in physics for an interest in theoretical physics.
It sounds like You were the case, where it was not worth to waiwe the penalty. They should have sticked to their rules. Out of interest, did You ever write and turn in that physics project ?