> capital left unspent at review counts for nothing
This sounds like a bad idea. Like if the model feels like it has to spend its budget.
It's the same incentive that exists in certain corporations and government agencies which have a use-it-or-lose-it budgeting model.
https://www.nber.org/digest/mar14/use-it-or-lose-it-budget-r...
https://www.cnn.com/2026/03/12/politics/use-it-or-lose-it-pe...
It can be better to lose it all trying than return a small fraction to investors.
It's the same incentive that exists in certain corporations and government agencies which have a use-it-or-lose-it budgeting model.
https://www.nber.org/digest/mar14/use-it-or-lose-it-budget-r...
https://www.cnn.com/2026/03/12/politics/use-it-or-lose-it-pe...