Discussion about this post

User's avatar
RobinHanson's avatar

I agree that honest evaluations of experts by other experts would be useful to customers, but it is very hard to create incentives to create and publish such things. There's too much of a temptation to instead be paid to say what experts and customers want to hear.

Expand full comment
Peter Gerdes's avatar

Also, I'd add that in many markets it's totally reasonable to infer that high price is an indicator of quality. I mean I know that when I buy a recently produced video game I can use that as a quite reliable indicator of quality.

Of course, the market needs to have sufficiently many people making choices based on fundamentals for that to work. It needs to be the case that enough people would stop buying from them if they were charging more than what their services were worth but whether or not a market has that property isn't something most people can perceive.

Expand full comment
1 more comment...

No posts