does modigliani-miller apply to humans any less than it applies to firms?
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Asymmetric information is salient for individual humans. Agency costs are also significant.
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A lump-sum debt exposes a new graduate to much higher risk than an income share. Analogous to regressive vs. progressive taxation.
End of conversation
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. Banned in Sweden. SubGenius, Zhuangist, white-hat troll. Defrocked mathematician. Brain problems.