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"A stylized dialogue on John Wentworth's claims about markets and optimization" by Nate Soares

LessWrong (Curated & Popular)

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The Epistemically Efficient System

Some of the epistemically efficient systems around us violate this property. Consider a market for peppers and mushrooms with at least two participants, Alice and Bob. When Alice has 1.5 times as many peppers as she has mushrooms, Bob doesn't trade at this price when he has six times as many pepper by similar argument.

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