I think it has to do with the daily supply of steem, but I am not too sure. Each day there are a limited number of new steem given out for the reward pool. If posts from months ago are still being rewarded that can take away a lot of potential rewards from newer posts. I am sure there is a good explanation for it somewhere, but I too would like to see something that can be rewarded for more than 7 days
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I too thought that if posts were open ended that it would hurt the daily pool available for voting.
But then I realized: Oh shit - no it doesn't - because everyone is now eligible for open ended voting on posts...and so there's no loss because everybody wins.
If anything it's just a +1 improvement for everyone :)
I think there is more to it than this. What happens if you have received rewards for a payout, then remove your vote and vote for something again? you could earn rewards over and over.
A decaying reward pool might be a valid option though, but would need to ask some one with more technical knowledge than myself. I wonder if @ned has ever addressed this?