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AnthonyCV's avatar

"Even so, most don’t support them, and feel awkward about not being able to say why."

I think the reason is very simple. The reasonableness of each proposal is obvious to anyone who accepts the well-established premises it derives from. Scholars have failed to spread acceptance of those premises to the general public, sometimes for generations or centuries. Proposing institutions based on them and expecting buy-in now is putting the cart before the horse.

Please, please tell me how to get the public to accept, really deeply accept, basic ideas like "If you make things more expensive people will buy less of them, and if you cap prices below the market clearing price, there will be shortages." Let's start there, because in my experience the most successful organizations whose job is to influence and improve policy despair of ever achieving it and instead focus on couching approximations of good ideas in other peoples' preferred nonsensical framings. Then, we'll need about a dozen or two election cycles to implement all the regulatory and institutional improvements that trivially follow from such premises. That's when enough people will look back and go, "Oh, this is what Robin was trying to get us to do!" to actually get things done.

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Phil Getts's avatar

I think most people don't consider using prediction markets to monitor local authorities because (A) that could be a lot of work, and cost money they don't have, and (B) it's hard enough to find people willing to /be/ local authorities. (And I don't even know who the elected local authorities are in my town. The school board and the mayor, I guess.) In about half of US cities, there's only 1 candidate for mayor (Marschall..Williams 2017, "Who runs for mayor in America?", https://leap.rice.edu/sites/g/files/bxs3221/files/inline-files/Who_Runs_for_Mayor.pdf), partly because there aren't 2 people who want the job. (~3% of the time there are no candidates.)

I think the explanation of your observations is not that most people are okay being ruled by elites who have little accountability, but that most people aren't interested in prediction markets. They don't understand them and don't see anybody anywhere in the world using prediction markets for anything important. Early adoption of any technology depends more on seeing other people adopt it than on logically convincing yourself of its utility.

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