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I've got at best mixed feelings about Nassim Taleb but his thoughts on "skin in the game" which I believe is exactly the same concept as what is being discussed
by anm89 6y ago
I've got at best mixed feelings about Nassim Taleb but his thoughts on "skin in the game" which I believe is exactly the same concept as what is being discussed here is really profound in my mind.
And the basic idea is that all ideas need to be weighted relative to the "skin in the game" of the person throwing out the idea. If people are not willing to take a consequence on their idea being wrong then they basically get a weighting of zero or near zero on the importance of their idea because they have no incentive to care about the quality of their ideas and are likely instead to be much more focused on the signal they send by projecting the idea itself. Whereas if someone is willing to take on personal risk on the outcome of the idea they are proposing, the idea should be taken much more seriously.
And the key point, is this isn't about moralizing that the person with skin in the game is more moral or righteous because of their skin in the game. It's a game theory proposition about signaling the likelihood of validity of their idea.