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Sure, it's possible though it's pretty arduous for what would be a social experiment. Set up a C corporation and issue shares to all players. New players would get shares upon hitting whatever goal the company wanted (time, level, acceptable essay, whatever). The shareholders elect the board of directors, who hires the CEO. If the player shareholders are not happy, they elect new directors who will be more amenable to a course of action desired by the majority.
Not saying it's worth doing. Just saying it's possible.
--matt
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