The Importance of Utility Functions in Aggregates

Nate: I was not tracking the way that markets should look instrumentally coherent and my quote, epistemic efficiency isn't necessarily supposed to imply instrumental efficiency argument now seems off base. John Okay, yes, you can think of the market as having preferences over assignments of goods to participants, but then you still lose agency. Intuitively, this seems like the sort of thing you might want when looking at optimizers that are themselves aggregates of smaller optimizers. Nate Oh, yeah, I flatly deny that. In real life, aggregate agents don't pass up certain gains of valuable resources because they value the resources. The order dimension of its preference graph is not one and it passes