bzhang255
Joined 3 years ago
Joined 3 years ago
I would imagine that in theory, everyone thinks they have the best information at the time, something like:
House: "Odds that X happens? We'll put $1 on both sides to get it started. 50/50."
Someone comes along: "Oh dang, I'm definitely more than 50% confident that X is happening. Let me put $1 in." Now it's 67:33.
Someone else comes along: "Oh I'm more than 67% confident X is happening, let me put $1 in." Now it's 75:25.
And of course, you get people going: "I'm more than 25% confident that X is _not_ happening, let me put $1 in!" And now it's 60:40.
The murky part, I would imagine, comes when the odds and the payout actually act as something that influences the outcome, but in perfect theory-land, if everything goes as planned, this should move the odds to the most informationally-accurate measurement, which should, in theory, benefit observers by making this measurement public.
And it is worth noting that a lot of the bullet point lists do start with "I made a ton of money" in as many words, which is also just not very interesting to most folks, though it is certainly very relevant and important to the writer.
They feel like they’ve been drafted a hundred times in the head of the author, but then put down on the page in a hurry, the clock ticking on their deadline.
Like, they’re trying to tell you the most important thing they’ve ever said - at the very moment the ship is pulling away from the dock.
A lovely read. I also have an affinity for dissertation acknowledgements and I think this entire piece really captures why they feel so special :)