Collectors buy cheap art from up and coming artists. The industry directs this cheap art to buyers who can be counted upon to buy a few pieces at high prices. This “marks up” art from previously unknown artists. Collectors donate marked-up art to museums for tax write offs.https://twitter.com/LifeMathMoney/status/1048632339063099393 …
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Replying to @AustenAllred
More likely market mechanisms independently converged on a pathological outcome. Every actor in the market is oblivious, well intentioned, and blinded by incentive. Easy way to test this is to reduce the charitable deduction for illiquid assets to cost basis or transacted value.
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Replying to @naval @AustenAllred
If you haven't,
@AustenAllred, you should check out *Inadequate Equilibria* by@ESYudkowsky. Very clear description of this kind of thing, including the signaling problem of credentialing in academia (very relevant to Lambda)1 reply 0 retweets 4 likes
That sounds like exactly the kind of thing I love to read :)
12:46 AM - 7 Oct 2018
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