[Economy professor Tyler Cowen] once walked into class the day of the final exam and said, “Here is the exam. Write your own questions. Write your own answers. Harder questions and better answers get more points.” Then he walked out. The funniest thing was when a student came in late and I had to explain to him what the exam was and he didn’t believe me!
This sounds like an excellent way to challenge individuals and let them express their interests and potential, guiding education in a more healthy direction… Probably a little too challenging/individualistic to be used below university level.