Asymmetric information. A
proposer can create a situation of
asymmetric information and exploit it as either a money pump or to
rob
the public. She can do so easily and to an extreme degree.
...
I'm not sure why you talk about the average NW of her proposals when
nobody except herself has any clue what it is. Even she need have
no
clue.
I honestly doubt you understand what information means. Show
me a full game theory model of the situation you have mind and then
I'll
listen more.
Robin Hanson rhanson@gmu.edu
http://hanson.gmu.edu
Research Associate, Future of Humanity Institute at Oxford
University
Associate Professor of Economics, George Mason University
MSN 1D3, Carow Hall, Fairfax VA 22030-4444
703-993-2326 FAX: 703-993-2323