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With proper constraints, there is a major positive externality in aggregating public and private information through market mechanisms. Robin Hanson wrote about
by vovavili 7mo ago
With proper constraints, there is a major positive externality in aggregating public and private information through market mechanisms. Robin Hanson wrote about this subject extensively. Dismissing it outright as a zero-sum game is a bit naive.
- bcjdjsndon 7mo agov. edgelordy
- worldsayshi 7mo agoIt also creates a lot incentives for creating unpredictable chaos as an insider.
- vovavili 7mo agoI explicitly accounted for this incentive with my first three words.
- worldsayshi 7mo agoI'm curious what positive externalities you're thinking about? Being able to make plans for the future?
- vovavili 7mo agoAgain, as I said, "aggregating public and private information through market mechanisms".
- Miraste 7mo agoThat's vague enough to be more or less meaningless, where specifically do you see positive externalities outweighing the numerous negative ones?
- sneed-oil 7mo agoA male in a country that is about to enter a war could decide to leave to avoid conscription, depending on the odds
- pigeons 7mo agoDoesn't take a weatherman to tell which way the wind blows
- ses1984 7mo agoWhat constraints and how do you enforce them?
- hydra-regintel 7mo ago[dead]
- guzfip 7mo agoAh yes, vague non-solutions. They will be uttered in response to criticism and then quietly ignored until the inevitable. Rinse and repeat. A true mark of a grifter.
- DeathArrow 7mo ago>With proper constraints, there is a major positive externality in aggregating public and private information through market mechanisms. Robin Hanson wrote about this subject extensively. Dismissing it outright as a zero-sum game is a bit naive. It's only gambling when you are betting of completely random events. If you know what the odds are of something happening, even with some approximation, then it is not gambling. Of course, over 99% people placing bets on Polymarket are gamblers, but some aren't.
- syngrog66 7mo ago> With proper constraints, load bearing phrase there nothing about the US currently can be characterized as having proper constraints generic "bet on anything" betting markets massively encourage corruption and market manipulation via shock events and insider trading. false flag attacks, etc
- account42 7mo agoThere are much bigger negative externalities: see e.g. all the enshittification driven by number must go in the global gambling system.