"A stylized dialogue on John Wentworth's claims about markets and optimization" by Nate Soares
LessWrong (Curated & Popular)
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Optimizing Systems to Avoid Path Dependent Preferences
Nate: The condition that you can expect lots of systems to possess in real life is a weak, no money pump efficiency property. Even the market participants are probably better modeled as weakly efficient market-like systems rather than as agents. John Have you failed to internalize my argument from above? Nate Nobody ever said that a collection of participants pee each with preferences over a set G of goods have to aggregate into an agent that also has preferences over G. That's just an artifact of looking at the wrong outcome space.
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