Inadequate equilibria

[riceissa]

A wiki page summarizing the concept and giving a list of examples.

[riceissa]

I think three tables I would like to see are as follows.

A table giving all the efficient/exploitable/adequate combinations, like a boolean table:

Efficient?	Exploitable?	Adequate?	Notes	Example
yes	yes	yes
yes	yes	no
yes	no	yes

and so on.

A table summarizing all the examples used in the book:

Example	Efficiency	Exploitability	Adequacy
Color Labs	Not efficient, because one could know better than the market	Inexploitable, because there was no way to short-sell startup equity	???

and so on.

A table comparing the general properties of efficiency/exploitability/adequacy:

	Efficiency	Exploitability	Adequacy
Units
Origin/history
Is it relative to you?

and so on.

[riceissa]

another table for the moloch's toolbox chapter would be:

Example	Decision makers not beneficiaries	Asymmetric information	Nash equilibria ... let alone Pareto-optimal
Publish or perish	?	?	?
Bank of Japan	Yes, the people running the money supply won't gain a personal financial benefit	Yes, the people running the Bank can't distinguish Scott Sumner from other people telling them what to do	?
Dead babies	Not really? I mean, the babies aren't making the decisions but we assume the parents care	Yes, i think. the people who need this info don't have it. Also, dead babies can't win the market in indignation.	?
replication crisis, p-hacking, etc.	Yes: "the people who did the extra work of a larger study, and funded the extra work of a larger study, would not receive fame and fortune thereby."	?	Yes: if everyone simultaneously switched to using Likelihood Ratios the world would be less Crazy

i think some of the stuff in the chapter, like regulatory capture/occupational licensing and failure of specialization don't really fit any of the three he lists at the start of the chapter? unless it all goes in the nash equilibria one?

[riceissa]

possibly relevant: https://feifan.blog/2020/04/07/inadequate-equilibria-a-summarized-remix/