Venkatesh Rao@vgr·Jun 8, 2014Replying to @balajis@balajis otoh, not just truth, but serious moral hazard and principal-agent issues are also upstream1
Venkatesh Rao@vgrReplying to @vgr@balajis your heuristics work if perfect competition *among* experts. Usually there is collusion to keep outsiders out6:42 PM · Jun 8, 20141 Like
Venkatesh Rao@vgr·Jun 8, 2014Replying to @vgr@balajis tit-for-tat iterated prisoner's dilemma equilibrium. Enforced consensus, blackballing of whistleblowers.11
Venkatesh Rao@vgr·Jun 8, 2014Replying to @vgr@balajis Empirical basis is rarely conclusive. So expert hegemonies are able to self-perpetuate.1