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djm comments on Human Capital Contracts - Less Wrong Discussion
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I like this idea, but it could be subject to abuse - a brilliant engineering student may get a large upfront finance then suddenly change course and decide to be part time artist.
Yeah, good point. You could address this through contingencies - have it be part of the contract that you had to carry on in engineering - but I expect investors would simply have to take the hit. This is basically the issue I was talking about in the section on Adverse Selection.