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Zvi comments on Eight Short Studies On Excuses - Less Wrong
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On all of the the teacher examples I would respond that with such a steep penalty for being late the fact that they risked such a situation happening with any substantial probability shows them to be a horrible utility maximizer, so they fail that project and the course, which means there's no reason to grade their paper.
Which would make you a horrible utility maximizer for taking avoidable 100 point hits.