I think this is an interesting idea with some promise. I think the details are going to matter a lot.
Note that the UK university tuition system has moved in this direction. It has the risk reduction element, but it doesn’t have the competitive market and showing information element. I believe the Economist ran an article supporting moves in this direction for college tuition a few months ago (emphasising the benefits it would bring in encouraging colleges to teach the things that would help increase their students’ earnings), but I can’t find it now.
It might have difficulty making it past social outrage at the idea of trading in people’s lives. It might also run into opposition after it started, and contracts offered depended on things like the race and socio-economic background of the applicant..
With regards the race and socio-economic background issue, I agree, only noting that this is similarly an issue for job applications and other financial products. Reality is not race-blind; at some point you have to deal with it, and this is not a special case.
Perhaps it would be easier to do in England (or some other non-US country) for this reason.
I think this is an interesting idea with some promise. I think the details are going to matter a lot.
Note that the UK university tuition system has moved in this direction. It has the risk reduction element, but it doesn’t have the competitive market and showing information element. I believe the Economist ran an article supporting moves in this direction for college tuition a few months ago (emphasising the benefits it would bring in encouraging colleges to teach the things that would help increase their students’ earnings), but I can’t find it now.
It might have difficulty making it past social outrage at the idea of trading in people’s lives. It might also run into opposition after it started, and contracts offered depended on things like the race and socio-economic background of the applicant..
I basically agree with everything you said.
With regards the race and socio-economic background issue, I agree, only noting that this is similarly an issue for job applications and other financial products. Reality is not race-blind; at some point you have to deal with it, and this is not a special case.
Perhaps it would be easier to do in England (or some other non-US country) for this reason.
I somewhat agree with that point, but this would bring it out into the open as an explicit effect, which might be more controversial.
Of course anti-discrimination legislation might mean that the contracts on offer were only allowed to depend on certain parameters.