wedrifid comments on Eight Short Studies On Excuses - Less Wrong
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This was standard practice when I did my first university degree. It seemed to work well and while I never handed in anything late myself I approved in principle.
Interestingly in my later courses at universities that were (and are) more prestigious (at least in the traditional and Arts/Science/Medicine kind of fields) they would not consider that sort of practical system. Far too set in their ways to do that sort of thing. (And on a related note I'd never have done a computer science degree there - they teach programming primarily in C.)