Or derivatives, which he thinks should be outlawed
Glen Weyl doesn't like betting
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can someone explain how this argument works without bounded rationality ? I mean, rational agents dont speculate if this reduces their expected u, is there some belief stuff going on or what ?
For me, this sounds like a nerds attempt to comment on something he does not have a clue of.
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Their proposal lacks merit. It's really hard to distinguish between hedging/speculative activities, and the whole FDA metaphor is completely off.
http://streetwiseprofessor.com/?p=6072&fb_source=message
---------------------Its a sad fact of life that someone like Streetwise doesn't get the Slate gigs while people with no real knowledge do.
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It's all about different beliefs. If two traders have different beliefs about an outcome, they will trade (i.e. bet) both knowing that only one will be right at the end of the day.
can someone explain how this argument works without bounded rationality ? I mean, rational agents dont speculate if this reduces their expected u, is there some belief stuff going on or what ?
For me, this sounds like a nerds attempt to comment on something he does not have a clue of.