Instead Of Pledging To Change The World, Pledge To Change Prediction Markets

https://astralcodexten.substack.com/p/instead-of-pledging-to-change-the

 

In April, Joe Biden pledged to halve US emissions (from their 2005 max) by 2030.

This is nice, but I can't help but remember eg Australia's 2009 Copenhagen summit pledge to decrease emissions 5% by 2020 (in fact, they increased 17%). Or Brazil's pledge at the same summit to cut emissions 38% by 2020 (in fact, they increased 45%). Or Canada's pledge for -20% (they got +1%). I'm not cherry-picking bad actors here, I'm just going through the alphabet (pledges source, outcomes source) . For that matter, what about George W. Bush's pledge to return Americans to the moon by 2020?

All of these pledges have one thing in common - they expire long after the relevant officials are out of power (and in Biden's case, probably dead). As hard as it is to hold politicians accountable in normal situations, it's even worse here. Sure enough, prediction aggregator Metaculus shows that forecasters only give a 15% chance that we reach Biden's emissions target by 2030.

What if instead of pledging anything about emissions, Biden pledged to shift the prediction aggregator?

No, seriously, hear me out. Biden pledges that by the end of his term, Metaculus will predict a 51%+ chance that emissions will be less than half their historic maximum by 2030. If Metaculus gives a lower number than this, we can consider Biden to have failed in his pledge, and we can hold it against him when he tries to get re-elected.

In order to get Metaculus (or some alternative prediction market) to show a 51% chance of meeting emissions targets, Biden would have to pass a credible package of legislation that puts us on the path to achieving that goal, and makes everyone think it’s more likely than not.

Imagine Biden pledges that some prediction market will have a 51% chance of reaching his 2030 emissions target by the time he leaves office. He passes a carbon tax, and the market shoots up from 15% to 30%. Now he knows he’s on the right track, but still has to do more. So he bans a bunch of coal power plants, and it goes up to 45%. He's still not quite there, so he gives big subsidies to solar panels a few days before the campaign season kicks off, the prediction market reaches 51%, and he's able to say he fulfilled his pledge.