Astral Codex Ten

President Biden

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President Biden

Article

President Biden is a recurring person in the Astral Codex Ten archive, appearing 3 times across 3 issues between February 07, 2022 and June 27, 2024. The archive places it in contexts such as “President Biden said there was “no circumstance where you see people being lifted off the roof of an embassy””; “knowing that President Biden is insider-trading on a “Will President Biden resign?” prediction market”; “President Biden’s doctor decide to poison him”. It most often appears alongside Donald Trump, America, Commodity Futures Trading Commission.

Metadata

  • Category: People
  • Mention count: 3
  • Issue count: 3
  • First seen: February 07, 2022
  • Last seen: June 27, 2024

Appears In

Source Context

Recovered passages from the original issue text. When the raw archive preserved outbound links inside the source passage, they are listed directly under the quote.

The Passage Of Polymarket
February 07, 2022 · Original source
My favorite commentary on this decision is Nuno Sempere’s The American Empire Has Alzheimers. He lists various bad decisions the US has made, from Vietnam to the bungled withdrawal from Afghanistan last year. In this last case, President Biden said there was “no circumstance where you see people being lifted off the roof of an embassy” barely a month before we saw exactly that.
Inline links: The American Empire Has Alzheimers
Prediction Market FAQ
December 20, 2022 · Original source
If we try this plan, then looking back on it ten years from now, will we agree it was a mistake? Prediction markets give us a way to get accurate and canonical answers to questions like these, and to short circuit the usual discussions about how biased different information sources are. See below for some clever, more exotic ways we can use prediction markets. 4. What are the most common objections to prediction markets? These are various objections, some wrongheaded, some true but nonfatal. There are many of them, making this section very long - you might want to skip over any objections you’re not worried about. 4.1: Would prediction markets be ruined by insider trading? That is, suppose there is a market on whether President Biden will resign before the end of his term. President Biden has special knowledge of this, so he could bet on the true outcome and make a lot of money unfairly. He could even change his behavior (eg resign at an unexpected time) just to make more money. Isn’t this unfair? One answer is that normal markets (eg the stock market) face these same problems, but manage them by making insider trading illegal. These laws don’t always work perfectly, but they work well enough that most people are happy to buy stocks. Another answer is that, while this is bad for other investors, it’s not bad for the accuracy of prediction markets, or their use in creating unbiased social consensuses. In fact, knowing that President Biden is insider-trading on a “Will President Biden resign?” prediction market should only increase your confidence in it getting the right answer! This is slightly too rosy, because if insider trading is bad enough for other investors, they might just not trade. This would be a partial effect: investors would be willing to overcome their fear for a big enough payday, meaning that concerns about insider trading probably would increase the likelihood of persistent small mispricings while still not allowing bigger ones (with the exact size depending on how frequent the insider trading was). It’s unclear whether this negative effect would be bigger or smaller than the positive effect from insiders having more information, so in different situations the market might end up either more or less accurate. Overall, economists are split on whether insider trading makes markets more or less accurate. Commodities markets don’t really have insider trading laws right now, and seem to be about as accurate as anything else. I hope prediction markets will experiment with different insider trading rules, and the ones that best satisfy all participants and create the most accurate results will win out. If for some reason this doesn’t work, I don’t expect it to make too much difference either way. 4.2: Would prediction markets encourage harmful or illegal activities? What about the risk of insider trading by committing harmful / illegal acts? That is, could President Biden’s doctor decide to poison him, then make money when he has to resign due to ill health? I think the strongest evidence against is that this basically never happens in stock markets. Tesla stock would plummet if Elon Musk died or resigned, but nobody realistically worries that Musk’s doctor will short Tesla and poison him. Lots of corporations’ stocks would sink to zero if you burned down their offices and factories, but nobody shorts them and then commits arson. Probably this is because there are laws against doing harmful and illegal things, and people have decided that stock market gains aren’t worth breaking the law and getting punished. Since prediction markets have only a tiny fraction of the amount of money that stock markets do, probably people won’t consider it worthwhile to commit harmful actions to manipulate them either. If you were going to murder someone to profit off a market, who would you rather kill: a US politician (the PredictIt market on the presidential election has a volume of about $600,000)? Or a Fortune 500 CEO (whose companies might have market caps in the hundreds of billions)? 4.2.1: What about prediction markets in very specific harmful or illegal activities? I guess if you created a market in “Will someone burn down the 7-11 on Main Street tomorrow at 3:32 AM?”, then bet a lot of money, then did it, that would be bad. I think realistically nobody would bet against you on that. But probably prediction markets should avoid hosting markets on these very specific bad things, just to make sure. 4.3: Would prediction markets give rich people more power? That is, suppose we used prediction markets to assess socially important questions like “will the climate change by such-and-such a number of degrees by 2030?” It would be bad if rich people could manipulate our social consensus on this. But you move prediction markets by buying shares, and rich people can afford more shares than poor people. So doesn’t this mean that rich people can manipulate how concerned we are by global warming? No. See 3.2 for the general reasons why it’s very difficult or impossible to successfully manipulate a prediction market. These reasons apply to rich people too. Suppose a rich person spent $100 million to buy NO shares in “will the climate be warmer in 2030 than today?”, pushing the market’s implicit chance of global warming down to 1%. That means if there is global warming, you could multiply your money by 100x by buying YES. I would immediately invest $10,000 in this market, so that I could get $1 million back in 2030 and retire rich. My $10,000 isn’t going to be enough to fully move this market all the way back - we already said the rich person spent $100 million manipulating it. But “you can get a free $1 million quickly with no downside at an evil rich person’s expense by correcting an obvious misconception about global warming” sounds like the sort of thing that could make it to the front page of Reddit (to put it lightly). I think more than enough people would learn about this to fully correct the mispricing. Is there any amount of money that could successfully manipulate a market? I think the answer is that you need to have more money than the sum total owned by everybody else in the world who wants to make $1 million quick. And at the limit, there’s always Goldman Sachs - who watch financial markets very closely, definitely want to make $1 million quick, and have a lot of money. So I think the most honest answer to this objection is: if you are an evil rich person reading this FAQ, then it will definitely work for you. Please sink $100 million into reducing a prediction market’s chance of global warming to 1%. And make sure you tell me first, so that I can fully marvel at your evil genius. This will work great for you and nothing will possibly go wrong. 4.3.1: But wouldn’t the subtle biases of rich people (which they might genuinely believe) still affect the market more, since they have more money? No. See 3.3 for the general reasons why we should expect prediction markets to be free from subtle biases which people genuinely believe. These reasons apply to rich people too. Suppose rich people have subtle biases which make them wrong more often than poor people. And suppose rich people (wrongly) believe global warming is 75% likely, but poor people (correctly) believe it’s 99% likely. This just reduces to the Nate Silver situation earlier, with poor people playing Nate Silver. The aggregated opinion of poor people is “an expert” which is right more often than the markets. It’s easy for someone to notice this and get rich quick (in expectation) by betting on what poor people think. Since lots of people can easily notice this and want to get rich quick, eventually they will correct the mispricing. Even if rich people have so much more money than poor people that no group of poor people, however large, can ever correct a rich person mispricing, eventually some smart rich person will hit upon this strategy themselves. If no individual rich person does it, Goldman Sachs will definitely do it. 4.3.1.1: What if both rich people and poor people have biases, and neither one is consistently more right than the other? Won’t the market still reflect rich people’s biases rather than poor people’s? Not if it’s possible for anybody to notice these biases and correct for them. Treating the aggregate opinion of poor people as an expert was just one example. If the winning strategy is something like “trust rich people on financial questions, poor people on environmental questions, and the point exactly halfway between them on social questions”, then whoever discovers that strategy can get rich quick. The more often people use prediction markets, the easier it should be to detect strategies like these. 4.4: Aren’t prediction markets worse than superforecasting? “Superforecasting” refers to a variety of forecasting methods similar to those pioneered by Philip Tetlock and the Good Judgment Project. Typically, they would do something like: Ask many smart people to give probabilistic answers to a very well-specified question
Inline links: economists are split
If we decide to go with Vaccine B, will at least X people die from the disease? If the first prediction market is 60% and the second one is 40%, they might decide to use Vaccine B. Then they can give refunds to everyone who bet on the first market (since it will never be tested) and resolve the second market normally. Remember, decision-makers usually aren’t experts themselves, and have the same “which experts do I trust?” problem as the rest of us - except worse, because there are more special interests spending more money to confuse them. They could find markets like these very helpful. One downside of decision markets is that you have to be very careful to choose the right outcome. For example, if people can both die from the disease or be disabled by the disease, this market will choose the vaccine that causes the fewest deaths, regardless of how much disability it causes. Because of issues like these, decision markets should only be used as one input in decision-making, not as the entire process. Another downside is that sometimes conditionals can interact in non-intuitive ways that make conditional prediction markets inappropriate or slightly off. See this article for more details. 5.2: Politician pledge markets Suppose that President Biden pledges to cut carbon emissions in half by 2030. In theory this is a noble goal. In practice, it’s cheap talk; he can institute whatever policies he wants, but he has no incentive to make them work. By 2030 he’ll be retired and maybe even dead. Instead, he could pledge to move prediction markets about 2030 emissions. Suppose that before he made his pledge, prediction markets said there was only a 5% chance that emissions would halve by 2030. Biden might pledge that within a year, prediction markets would say there was a 80% chance of this. Then he could announce new policies. If they were good policies that would almost certainly halve emissions by 2030, the prediction markets would go up to some very high number. If they were bad policies, the prediction markets would stay low, and Biden would either have to propose better policies, or admit having failed at his pledge. For more, see Instead Of Pledging To Change The World, Pledge To Change Prediction Markets. 5.3: Attention markets Suppose you’re a very important person, like the President of the US, or the CEO of a Fortune 500 company. You want ordinary people to be able to raise important problems to your attention (for example, a threat to national security, or a major flaw in your product). But if you made your email address public, millions of people would send you dumb complaints or random screeds every day. Prediction markets could solve this. Tell people who have a complaint to start a conditional prediction market in “If the President personally looks over this complaint, will he believe it was a good use of his time?” Then agree to look over any complaints that get above 50% (plus some randomly selected ones, to encourage people to keep the probability accurate even when it’s below 50%). When you’re done, tell people whether you thought it was a good use of your time, so the market can resolve. If the markets start sending too many complaints your way, your bar for “good use of my time” will go up, and the system will naturally self-correct. I’ve sometimes used this system to resolve moderation issues around this blog, with generally good results. 5.4: Replication Markets Suppose you have one hundred scientific studies that got kind of weird results and that you think might have made a mistake somewhere. But you don’t have enough money to repeat all one hundred studies; in fact, you only have enough money to repeat one. You can open up a hundred prediction markets, like: If we decide to redo Study #1, will we get the same results?
Inline links: this article, Instead Of Pledging To Change The World, Pledge To Change Prediction Markets
My 2024 Presidential Debate
June 27, 2024 · Original source
Let’s start with a question for President Biden. Mr. President, the biggest political story of the past four years was Dobbs. v. Jackson Women’s Health, which overturned Roe v. Wade and gave final decision-making power on abortion back to the states. How would a second Biden administration treat this issue? Do you think states should be setting policy on abortion?
Alexander: President Biden, your position?
Alexander: Wow, I’m having a hard time finding any real points of disagreement tonight. Let’s stay on cultural issues, where I know the two of you have clashed before. President Biden, a lot of conservatives are worried that your administration promotes “wokeness” and “cancel culture”. What do you have to say to them?