Continuous re-pricing can kill a long project in its unpopular phase, and in Klein and Thompson's account of Apollo that phase lasted almost the whole project: in 1965 only 39% of Americans backed doing everything possible to reach the moon first, majorities called it too costly until the landing, and it survived because leaders never pulled the plug. A price is not a poll, but a token-price window of days is close to one for a payoff a decade away. So a market-governed fund should commit long projects in milestone tranches that are not reopened between milestones: the persistence of a committed leader, written as a rule.

Evidence 2 passages

groundsAbundance, Ezra Klein, Derek Thompson
One lesson of Apollo's surprising unpopularity is that the program was sustained by leaders within NASA and the White House, which never pulled the plug on an audacious task that polled poorly among the public.
groundsAbundance, Ezra Klein, Derek Thompson
A 1965 Gallup survey found that only 39% of Americans thought that the U.S. should do everything possible, regardless of cost, to be the first nation on the moon.

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