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Rulesets more complicated than tictactoe have edge cases, holes, exploits. That's why market design is important. Open markets require boring stuff like prope
by specialist 5y ago
Rulesets more complicated than tictactoe have edge cases, holes, exploits.
That's why market design is important.
Open markets require boring stuff like properly aligned incentives, contract law, property rights, transparency and auditing, fair & impartial courts, right to appeal, and so forth. Your basic sanity checks.
Maintaining and protecting a balance is never easy. We can only hope to minimize cheating.
All the alternatives are much worse. The popular criticism of market failures are often because the obvious safe guards were eliminated or ignored.