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Vaniver comments on Open thread, Dec. 21 - Dec. 27, 2015 - Less Wrong Discussion
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Why would an editor want to do work whose compensation is very risky (maybe you're editing the next Harry Potter, but >80% of the time it's going to lose money) instead of work whose compensation is certain?
This is compounded by adverse selection: the better my thing is, the less willing I will be to sell equity, and so the equity markets will be mostly flooded with garbage.