Orthogonal · July 11, 2019

148: The Trust Game

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Why asking groups is the best way to get a pretty OK idea. But not much better. We unpack why sometimes trusting authority (or experience) is more efficient. Which is why trust is so key to all aspects of business.

High points include:

  • Why democracy will never give the best answer.
  • Assuming someone else is "in charge" is dangerous.
  • Just because you don't like it, doesn't make it wrong
  • Just because you like it, doesn't make it right
  • Trust is key in all business.
  • The more money involved, the less trust you need
  • Easy for you is not the same as easy

Quotes

  • "This is why I say democracy is the worst. This. Right here." -- Andrew

Links

Boaty McBoatFace

Mean Reversion

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