China's fascist dictator, Xin Jinping, needs killing ( My 20 yuan )
pro2rat at yahoo.com.au
Mon Aug 23 22:08:48 PDT 2021
Re: China's fascist dictator, Xin Jinping, needs killing ( My 20 yuan )
What a great thread - the APster deadpool is right there in the header.
A related error is the pure-information fallacy: treating an economic institution purely as an information system, accounting only for market-proximate incentives to contribute information via trading decisions, while neglecting how that market necessarily also changes players' incentives to act outside of that market. For example, a currently popular view of proposition bets, the "prediction markets" view, often treats prop bets or idea futures as purely information-distribution mechanisms, with the only incentives supposed as the benign incentive to profit by adding useful information to the market. This fails to take into account the incentives such markets create to act differently outside the market. A "prediction market" is always also one that changes incentives outside that market: a prediction market automatically creates parallel incentives to bring about the predicted event. For example a prediction market on a certain person's death is also an assassination market. Which is why a pre-Gulf-War-II DARPA-sponsored experimental "prediction market" included a prop bet on Saddam Hussein's death, but excluded such trading on any other, more politically correct world leaders. A sufficiently large market predicting an individual's death is also, necessarily, an assassination market, and similarly other "prediction" markets are also act markets, changing incentives to act outside that market to bring about the predicted events.
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