4 ms·
From my naive point of view, it's not clear from first principles why they must.
by recursive 6mo ago
From my naive point of view, it's not clear from first principles why they must.
- philipov 6mo agoIt's a version of the principal-agent problem, with the added wrinkle that principals have low barriers to exit. Both the management and investors share the incentive structure of a con artist.