Conditioning payouts at least partially on things that the worker does not control could alleviate problems of asymmetric information and still allow the market provision of unemployment insurance. Health insurance markets are likewise ripe for improvement.
New technologies such as smart contracts and the rise of ubiquitous and massive computing power, including all manner of sensors and location technologies, may make these ideas implementable at lower cost and in better ways than ever before Tabarrok and Cowen In conclusion, it is time to reexamine market challenges in light of new ideas and new technologies and begin a research program in libertarian social engineering.
University of Michigan Press. Cason, T. Enhancing fundraising with refund bonuses. Games and Economic Behavior , , pp. John H. Time-Consistent Health Insurance. Journal of Political Economy , no. Cochrane, John H. Cato Policty Analysis No. Hume, David. A Treatise on Human Nature. Tabarrok, A. Journal of Health Economics Public Choice Tabarrok, Alexander ed. Oxford University Press. Tabarrok, Alexander. Gene Insurance.
The End of Asymmetric Information. CATO Unbound. Not every market challenge leads to a market failure. Libertarians are well versed in moral arguments, he says, but moral arguments alone tend to generate only a short burst of enthusiasm before fading. Much better would be to get to work on building the practical - and voluntary - future that we all profess to desire. Those of us who believe that markets are a key part of a well-ordered society should take the lead in developing these institutions.
Not only might they bring about a more voluntary society, they will also improve the quality of our lives. Tabarrok cites several some surprising examples of institutional innovations to justify these claims. Historically, banks, payment processors, and financial markets have commonly created their own, self-enforcing rules, which were often highly effective.
A persistent habit among statist thinkers is to assume the necessity of the state; libertarians will often counter a persistent tendency to speculate. Neither is quite warranted, says Stringham. Tom W. Bell suggests three ideas that might help achieve a freer society.
Together they form a general approach to privatizing state-supplied goods. He cautions that libertarian engineering will have limited capabilities under existing governments; to significantly change how law functions, and to move it in a libertarian direction, may require new systems entirely.
Bell concludes with a sketch of three possible features they may contain: shared ownership, jointly held democracy between citizens and private owners, and open-source law. Vitalik Buterin argues that the way to build a more decentralized world is to make that world rewarding. But when specific social systems make it relatively advantageous to engage in market behavior, and when people can trust one another in a context that does need the state, their actions will take on a libertarian character anyway, and the world itself will improve, both by our standards and by those of others.
Tweet Like Submit Share. Political society easily remedies both these inconveniences…Thus, bridges are built, harbours opened, ramparts raised, canals formed, fleets equipped, and armies disciplined, everywhere, by the care of government… In Tabarrok I showed that such reasoning was wrong; a large class of public goods can be produced voluntarily using what I called a dominant assurance contract. The New Financial Order. Princeton University Press.
How should the refund bonuses be paid? Or something like that? Should it be proportional to your contribution? Something like that? When should the refund bonuses be paid? We have some flexibility here, I'm going to show it may actually make sense to pay them only to the early contributors. We have some design freedom, because this doesn't happen in equilibrium. And then there's the basic question, does this actually work? Okay, it's great. In theory, tab rock doesn't work.
Okay, it doesn't work. So we run some lab experiments. And we basically set up a environment, which is similar to what you might see in crowds in a crowd phone in a crowdfunding environment, like Kickstarter. The people in the environment have an option to donate to different types of the crowdfunding campaigns.
They can give some and they can then give some more later. Okay, they can upward revisions. You could do this continually. There's always multiple, there's always at least two Well, there's always two fundraising campaigns. In particular, the details here are not too terribly important.
But we have 10 subjects per group. They have each each run of the experiment last two minutes, there's a hard close. We know their values. This is what's important about running a experiment, we're running an experiment running a lab experiment, is that we're going to pay them based upon values which we assign them, so we tell them this is your value of the public good. Okay, so this is all, you know, we had Vernon Smith a couple of weeks ago. And so this is part of Vernon's best insight, that you can induce values.
And so we induce these values for the public good. And then we can compare it with theory. So we know this is an unusual with these experimental Labs is an unusual case where you can actually test the theory. If the threshold is reached, as with crowdfunding, each player gets their value. If the threshold is not reached, each player who agreed to contribute gets a refund bonus in the experiments with refund bonuses.
We're going to test a bunch of different ones. I'm not going to go through them all. The baseline, there's no refund bonuses. There's some where you get a fixed amount. And there's early and not early, and so forth, I'll show you them in a little bit more detail.
Here's the first kind of basic result I want to give you. In the baseline treatment, without refund bonuses, only about a third of the projects, all of which should, all of which it would be efficient to fund all of which would be valuable to fund only about a third are successfully funded. So that illustrates the large amount of equilibrium Miss coordination, that that 00 do not contribute do not contribute equilibrium appears to happen quite a lot.
Okay, because all of these would make sense. If they were funded, perhaps, perhaps just fortunately, or randomly, it's it's actually very close to the Kickstarter number. I don't know whether how much weight we should put on that.
But it's actually close to the clicks Kickstarter number. The larger refund bonuses not terribly. Surprisingly, they work better. So that fixed amount of six works better than a fixed amount of three. Okay, you have contributions zero, this falls in half when the refund bonuses are used. And that falls in half, when you have any form of refund bonus.
So it really gets people not just to contribute more, but it gets people to go from zero to one. Okay, now, I want to say a little bit more about a variant here, which is focusing on getting people to contribute early. And Benjamin Franklin had this kind of saying when he was asked, you know, he was well known for raising a lot of money. And he says, How do you do this, he says, well, in the first place, I advise you to apply to all those whom you know, will give something next to those whom you are uncertain whether they will give anything or not, and show them the list of those who have given, right.
So your first contributors are really valuable, because you get, you know, somebody famous to endorse your public good. And other people will then give they want to be they want to affiliate or they say, Ah, this is something which people are coordinating on. We want to do that as we want to do that as well. So there's something to these early contributors, which appears to be especially successful.
And maybe the signals public spiritedness guide signals, which ones people value, which ones you want to fill up with. You also see this with Kickstarter campaigns, you can predict which ones are going to be successful very quickly. So the the six the successful ones, they're successful early. Okay, which is somewhat surprising. Yeah, and so the question is, can we kind of use this to get double, double our money as it were to increase even further?
The advantage of these refund bonuses? Can we use the refund bonuses not only to eliminate the 00 equilibrium, but can we also use the refund bonuses to sort of amplify the positive nature of contributing early? Okay, and that is paid anytime during the two minute contribution window. And we're going to compare that with the P e.
So the first half, so you only get a refund bonus, if you make a contribution during the first half, okay? And what happens? Well, the baseline So the early refund bonus appears to give you something you can sort of see this here, it's kind of addressing hope this graph is not too confusing. Here we have the first minute of total contributions. And here's the second minute of total contributions.
This is the baseline. And so if you want to be on the red line, okay, that's where the project is funded efficiently. So you want to be somewhere on the red line. That's the success. Okay, so being successful is being on the red line.
If being early didn't matter very much, then the successes would be distributed equally. But what we're seeing here is that if you're not above , that is above half of what you need in the first minute, then you don't get to success. So there's very few, which come from behind. So this is where you know, you have less than half what you need in the first minute, you could catch up in the second minute, but there's very few up here. So you don't really catch up.
So all the ones which are successful, they tend to be successful, because they have high first minute contributions. Now you introduce the purple, which is the refund bonus paid any time. And now you can see you can catch up. So you have a lot more successes up here.
The early You don't need to catch up. And you get a lot more down here with the early Of course, you get a lot more early, and you get a lot more successes. So you see you, you end up down here. Now, why do these refund bonuses work? Well, they what they do is they make a potential contributor, pivotal.
What do I mean by that? Okay, when you have a single person who would find it profitable to push the total contributions to the threshold. So at the very beginning, it's in nobody's incentive to pay for the entire public good. Then some people contribute, you get closer to the threshold. And then at some point, you get close enough so that there's one, at least one individual who it is now in their personal interest to push you over the threshold and produce the public good.
And what the P e Does in particular, is it makes people pivotal earlier. And that I think makes being pivotal more salient. Here you can see the time to the first pivotal contributor, or the baseline. Okay, it's going up slowly, it's going up, it's going up, the first pivotal contributor is coming out about the nd. So remember these things last two minutes. So you go up to So the first pivotal contributor really doesn't happen until quite quite near the end of the game. And then it's kind of a rush, right?
There's like sniping and people are rushing and you don't quite know what's going on. With the refund bonus. Okay, you get more people being pivotal. But again, it's right at the end. So it's not it's not salient, doesn't give you time to think about it. With the early refund bonus, okay, you get not too surprisingly, a bunch of people being pivotal quite early, before the 62nd mark, and then you get a second pivotal bump at the end.
So I think by making people aware of their pivotal pneus earlier, there's a bonus to the early refund bonuses. As I pointed out a couple more slides and then I'll finish refund bonuses in theory, they're never paid. But in practice, you got to pay them sometimes. It turns out that for an entrepreneur, it's better to offer the refund bonus. Because the number of successes, given some reasonable level of profit, when you're successful, more than pays for the refund bonuses when you're not successful.
Okay, you don't need huge refund bonuses for them to be successful. Okay, so that's kind of really good news for these things. Because even though they're not perfectly successful, as you, as theory says that they should be perfectly successful, but of course you don't, you don't always get that they're still profitable, they're profitable.
And p Those are the basic lessons on refund bonuses are on the dominant insurance contract. Let me just say, a little bit we had Glen while, a couple of weeks ago, and while and the talyc. And so he hits a have this paper, which I'm many of you are familiar with our liberal radicalism. And it's a different method, right of overcoming the public goods problem.
And I just thought it'd be worthwhile just making the distinction here, because I think both of these things are quite useful liberal radicalism or dominant insurance contracts. They both do, they do slightly different things.
So what the refund bonus scheme does, is it works well, at overcoming the contribution problem, it gets people to contribute, it overcomes the free rider problem. So if you have a public good, and you know what it is like a lighthouse, like how big should the lighthouse be? Okay, you can figure that out from technology, it has to be a certain wattage and a certain height to do what it's supposed to do.
Or if you're going to build a dam, you know, what the size of the dam should be, or a fireworks show, you know how many fireworks you're going to have. But the trouble is, not know that the trouble is getting people to contribute to these things.
Okay, you know what it is you want, you just can't get people to contribute to it. That's what the refund bonuses, the dominant assurance contract is good to doing. If the problem, however, is that you don't know how much people value the public good. So you want to you're trying to figure out how much you spend on public parks versus fireworks. That's more of an information revelation problem. And that's where the quadratic funding mechanism booter in encik, and while that is very good at usefully revealing information, the negative is that it requires some government or outside funding.
So dominant assurance contracts is good, where you know, what the public good is, you know, what you want, and you just want to incentivize people to contribute towards it. The quadratic funding mechanism is good, where you don't know what you want, you want to figure out what people really value. And you have an outside funding source, so you're not as worried about paying for the thing, because you have some outside funding.
So I think both are useful. And more generally, what I think is exciting, right? Is we typically think about public goods as being outside the market mechanism. So, you know, it's often public goods versus the market or government to produce public goods versus the market. Okay, as if these things were opposed. But refund bonuses, dominant assurance contracts, quadratic funding mechanisms, things like this, what they're suggesting is that it might be possible to have the market produce public goods.
And we might actually get a lot more and better public goods, if that could happen. So these mechanisms, rather than being opposed to markets, markets might be the solution to actually discover more and better public goods, more of what we actually want. That's kind of exciting. Okay, so conclude the refund bonuses, they double crowdfunding campaign success. So we're trying to get Kickstarter or another crowdfunding campaign site. Let us do a field experiment. We have the lab experiment, we got the theory, we got the lab experiments field experiment is next.
That would be could be very useful to a Kickstarter like platform. They pay for themselves. All kinds of refund bonuses could work fixed, proportional early concept they all work well. Early refund bonuses are especially powerful as the increased campaign success and they cost less. And finally, market provision of public goods may lead to more and better public goods.
Thank you. Thank you very much. And ethic. Thank you so much, Alex. Okay, I'll stop sharing your screen in case you don't mind. Maybe we'll hop into the into the slides. Again, I'm realizing I have to update much in the book. Now, after visiting, for example, you know, I, for example, said that even w insurance contracts require an external funding mechanism, just because someone needs to put up the refund, which, you know, I had thought is similar to the matching and quadratic funding a little bit.
But you know, I think that the because or, yeah, I think that because they suggested the paper, maybe one could use insurance premiums paid as a funding mechanism there. So I think that that would be, I think, an interesting way to explore how those those events could get generated in the first place. But um, okay, we have Kate with an upholder question here first. So I have two questions. Well, first, thank you so much for that presentation.
That was fantastic. My first question is, can you explain further how a dominant insurance contract solves the free rider problem? In the the mayor's game, he had everyone participate? But there's no such requirement in the dominant assurance contract? That I understand. And then my second question is, why do you think people why do you think the experimental subjects went for the do not contribute?
Were there any opportunity costs? Were there any transaction costs? It seems like all the reasons why in a real world scenario that might be in equilibrium don't really match the, the experimental scenario. Okay, so to answer your your first question. So, suppose we have a sort of proof by contradiction. So suppose we have a situation where we have not reached the contribution threshold, okay?
Well, now, it's in someone's incentive to add a contribution. Because if they just add a small contribution, then they're going to get the refund bonus. Now, you think, keep going with that. So you keep going with that until we reach a situation where if somebody contributes, now, the public good is provided, they don't get the refund bonus, but they get the public good. So the only equilibria are ones in which the public good is provided. So anytime we have somebody give any time to public, anytime you have not reached the contribution threshold, then either you gain by contributing in order to get the refund bonus, or you gain by contributing in order to push you over the threshold.
So those are the only equilibria which remain are the ones in which the public good is is provided. Now why, so this is true in theory. Second question is, you know, why doesn't it happen every single time?
So I don't think it's an opportunity cost. These guys are in the lab, they have to be there anyway, they've sort of agreed, you know, the, I guess they could be playing with their phone or something like that. But they also have the they're making real money, right? They have a chance to make real money, the man and they make more money, when either they get a refund bonus, or, you know, the public good is provided they make more money by playing then by not playing.
I'm not sure why, like, Why doesn't it work? I mean, maybe it takes people time to understand the situation. There's still some, like, there are still tactically multiple successful equilibria. And there's some gaming perhaps about which one of those successful equilibria you end up at, like all the equilibria involve the public good being provided.
But there's still some coordination to find out which one of those equilibrium I'm just not Yeah, I'm not totally sure. Like, you know, the theory. People it's it's the people's fault. They're not rational enough. All right, thanks. What was super interesting I think in the paper also that like smaller prizes, and smaller refund prizes worked better than the larger ones until I think like that paper was 70 credit.
And so the larger ones would work better than the than the smaller ones, but but you don't need huge ones you don't need really, yeah, sorry. That's what I yeah, you don't need Like insane, insane prizes. Mark, you had a question too? So far, we seem to be only examining the dangers, that something doesn't get funded that should get funded. What about the danger is that something gets funded that should not get funded, in particular, because people are pledging because they think they're going to collect the bonus.
And then that accident, and that ends up causing something to get funded. That actually wasn't worth it. So in equilibrium, again, that shouldn't happen. But of course, you're absolutely right. It could happen. I mean, public goods are provided, which shouldn't be provided all the time. So we don't know, with our with our ordinary funding mechanisms, there could be forced riders, right, we have a forced rider problem, rather than a free rider problem.
That is people are forced to pay for goods, which they themselves do not value. I think that that possibility is less likely here, though it is true, you know, even on today on Kickstarter, you know, people lie, or they're misinformed about the superduper coogler, and how well it's going to work and what can be accomplished, and so forth, you and so you can get public goods, you can't get campaigns being successful, which then end up failing later. Because the entrepreneurs are not capable of delivering and maybe reputation will help with that.
But the refund bonus makes it a more difficult, a bigger danger. Because let's say I think this I think this campaign is stupid, so it won't reach its thresholds. So I'm going to pledge to get the refund bonus. And then a bunch of people, all of whom think it's it's going to fail, end up accidentally pushing it into success, right?
Yeah, no, you're right. So I should, we should try and study that. Yeah, I think there's actually anzar gram, I'm hoping that I'll pronounce this correctly, where some real world data from Agha Khan even though I thought that gitcoin was correct funding. It is it's not about the dominant insurance contracts, it relates more to the extra incentives and the sort of inefficient allocations that come from it.
But I think it relates to Mark's question. So the observation is that I'm in that system. For starters, we don't have hit this threshold or have a kick, you know, have the bonuses paid. But there is like a wide range of projects, grants, and they're ostensibly a theory in public goods. And what ends up happening though, is, you get a really weird modification to the allocation of resources in response to the perception of future airdrops, which someone commented about.
And actually, this is an ongoing issue with like, I work with the gitcoin team. So we have the data. And we've been working on policymaking around what does and does not count at the platform level as an invariant theory and public good. Precisely because projects that have raised money or will raise money through Icos or VCs, etc. And it's a point of Central attention as the it's both crowdfunding platform for lots of open source projects, but also just like a kind of almost watering hole for this community are both from people who are very well endowed and people who are looking for funding.
And I think it kind of speaks to this issue of efficiency of resource allocation, when there are other incentives composed and you can't really remove that, like in the real world, we don't get the lab setting we have to deal with in one form or another, either the market design directly or the governance of the platform, these like extra composed bits and what they do to the incentives and they kind of manipulate the equilibria in the games.
And I thought it was particularly interesting with respect to Alex's work that he did talk a lot about, what I would normally understand is the preferential attachment dynamics, like the network is growing, people are seeing what other people are doing, and that affects the way people act.
And that seems to be the dominant behavior we see in the gitcoin platform. So I think there's like some overlaps, but also some interesting stuff that you get from comparing field results to lab results. We had david Friedman, ping me a few times, David, Tevin. You are muted. You very, very good.
I'm not really familiar with the experimental stuff. I'm a little bothered by the fact that Kickstarter in the equivalent I Really producing public goods. Because if you don't agree to contribute, eventually you don't get the good, which is not true of a public good. But what strikes me is the comparison between this and the older solution to the same problem, which is unanimous contract, that the unanimous contract solution, you say, you have a contract, you've got a list of all the people who benefit for the public good, you have a price for each of them, which is less than you believe the value of the public good is to him.
And again, in the perfect information case, the only equilibrium is that everybody signs. And the reason that doesn't, one reason it doesn't work is that you don't have perfect information, you price it too high for one person, because you overestimate the value of the public good to him.
And the result is that he refuses and the whole thing falls through. And as far as I can tell, in switching to the dominant assurance, in, in the sort of the equivalent version where you where you really want everybody to do it, which is not what you're doing in your experiments, you are slightly increasing the incentive to sign only in the sense that if you believe someone else is not going to sign, it now pays you to sign.
Whereas before, if you believe someone else is not going to sign, you don't care whether you sign or not. But the cost of that you have to charge a higher price. Because the when it breaks down, you're gonna have to pay some money.
So it's not clear to me at least at that level, that it's really an improvement over the other solution, they seem to have the same basic problem. Now also, both of them have a different problem, which I'm not sure you've you discussed. And that's the strategic problem, the person who says, If I hold out and refuse to sign this time, and make it clear why I can persuade the entrepreneur to do a second unanimous contract with my name left off, and that way I get the good for free.
And I think you would probably have, I haven't thought about it enough, but equivalents to that problem in your in your version as well. Yeah, so that's definitely true with the the dominant version where it's literally a dominant strategy. And that's because of the unanimity, as you were suggesting. But you don't need that. So even without requiring that, everybody, so you just have some contribution threshold, but you don't literally require that everyone could you be, then the only equilibria are the ones in which the public good is provided.
So you're still right. You're also right, that this costs something because at least in practice, sometimes you have to pay the refund bonuses. And then the question is, are the successes worthwhile? If the entrepreneur makes some money on the successes, is that enough to pay for the refund bonuses? That's taking account of the fact that when you're offering refund bonuses, you have to be charging a higher price or not, you're just saying higher probability is enough to do it without a higher price.
No, no. So you'll have to charge. Yeah, you. Yeah, you have to change the contribution threshold so that the profit that you make is enough above your costs. So yes, correct. So that that that is going to tend to cause more breakdown, tend to cause more rate raising the threshold is going to cause cause more failure. Because it may, it may turn out that at the threshold after the contribution, now, the individuals in your system to the individuals have to contribute a fixed amount or do they can create any amount they want.
They can create any amount they want. That has to be in some of the versions where there's a refund bonuses have a fixed amount, rather than proportional, they have to can contribute at least so much, at least a particular amount. But in the proportional case, you can literally contribute however much you want.
Remember the threshold, there's a cost. The entrepreneur has some cost of producing the public good. And there's a threshold how many people how much funding he requires in order to say he's gonna produce the public good. And if the if it was zero if the cost was if the entrepreneur could could produce a zero, then he would just set the threshold equal to the cost. What I don't understand I'm sorry. Again, this is a real public good. So if I don't contribute, I still get it if other people do Yeah, yeah.
Maybe we take that into the chat. And I want to know from you, Alex, in the last maybe like two minutes or so what do you think is the most exciting near term use case for this? I know that you said a little bit about Kickstarter and like, you know, using it that maybe as an experimental ground, but like, which public goods? I think even in one of the papers, I think on libertarian, social engineering, you said, maybe even bridges one day, yeah, that way, but like, what do you think is like the pipeline?
You know, how do you roll this out? Because then we're moving into like, the section where there's already a few projects that are trying to make headway on that. So I'm super curious, what do you think is the most high high level use case? And what do you think is the most short term? Yeah, so I'm not, I'm not sure I want to broadcast the idea as widely as possible in order to get people to try it out.
But there's obviously a lot of potential with smart contracts to produce public goods for platforms, right? I mean, that is a big problem, which governance of Bitcoin and aetherium and all these kinds of platforms, right. So on the one hand, you want decentralization, on the other hand, you want some governance, and you want to be able to improve the platform over time. And to do that you need some kind of funding mechanism, and you have a whole bunch of choices, you know, should we do?
Should we double the block size? You know, or not? Or should we double the block size? Or should we, you know, do X, Y, or Z, and this might be a way of getting people to contribute to those kinds of public goods? Okay, lovely. Well, thanks a lot. And I think that's, you know, guess what, get confronted with quadratic funding, also. But thank you. Thank you very, very much, Alex, this was a lot of theory compressed really nicely. And I'm super excited about the Kickstarter projects, actually.
And I think you meant they were mentioned in one of the papers, and I'm super keen to see them five. So that's awesome. Thank you very, very much. And we have now in the final, last 10 minutes, actually, two projects that are seeking to add to have some, some seeking to use some version of assurance contracts.
One is in a non anonymous assurance contract. And the other one is actually dominant assurance contract, to actually Phantom stuff in the real world. So we have one project proposal from engineer a year on using anonymous assurance contracts and a platform called critical number. And I'm super happy to have him present here. I will share a background of where we talk about that in in the book and Anthony, please take it away.
Okay, thanks. That's great. So oops, started first one. This is a really interesting meeting. Thanks for the invite to talk. So we've heard a lot about funding, but they're also public goods, I think at some level that don't have to do with funding, but just have to do with people cording to get something done. So there's some coordination efforts where the only action really needed is not monetary, or even doing something but the Association of people's identity with some proposition.
So some examples are like open letters by prominent individuals calling for something statement of intentions or a coordinated intentions to do something like a vote to unionize whistleblowing unethical or illegal actions, defection from leadership in a political party, for example, or pledges not even, you know, the necessary money, but pledges by high net worth individuals to fund a project with the pledges sort of good enough, you don't even necessarily need the money, like in the bank account.
And these are all examples where and there are many other cases where there's a risk of financial or reputational or employment or political or even legal risk, in acting alone, with a disclosed, disclosed identity, but in which if people act in a coordinated way, and there are lots of people on board with the same thing that will be safe for all of them.
So there's a coordination problem of how to get lots of people acting in a coordinated way when it's costly for any individual one to do it. So a potential solution to this, I think, is, oops, is to have people sign on in a way that their identities and their association between their identities and a given proposition is cryptographically secure, until a critical number that's where the name came from, or some other critical or some other triggering condition is met. And then all of those identities are made public.
So the basic scheme for something like this goes as follows. So there'd be a set of propositions requirements, identity line, and a triggering condition or triggering conditions. And these are all set, and the propositions are recorded. And the requirements will actually I guess all of these are recorded on a public blockchain that's just for fun.
Individuals with a verified identity who meet the requirements can then sign on to a proposition that they meet the requirements for whether an individual has signed a proposition is then kept cryptographically secure until the triggering conditions are met.
So it's really inaccessible until the critical number has been met the people that have signed on, and then at this time the identities are made public. And if the triggering conditions are not been met by the deadline, all the data goes away and is just erased. So this is a way to basically ensure that everybody stays anonymous until everybody is safe to become publicly associated with that proposition. So there are a bunch of notes, I think, and implementing this.
One is that the identification and verification has to be strict if it's a high risk proposition, or for you know, high, high, important figures, or if they're small numbers, because the major weakness of this mode is for, you know, if people want to out the group of people, to sign up lots of people to a proposition, maybe even fake people, or people that nobody cares whether they sign it or not, so as to trigger the triggering condition.
So that's a, so verifying identity is a major issue with this, because it's sort of all about identity at some level, the requirements if if you're requiring that like, you know, 10 Nobel Prize winners sign on to this thing for it to go public, the requirements have to be verifiable at the same level as the security as identities.
The triggering conditions have to be unambiguous, you don't want to weirdness in that the system has to be highly secure, preferably even if the whole system is compromised. So So it'd be nice if there was some necessity sort of for sort of interrogating the the signers before it really gets released.
But it's hard to set up a system like that. I would say I can see that sort of centralized, but it could be centralized. But I think it's it's really important that it be simple to use, you know, there are a lot of I think, awesome ideas on the blockchain that haven't gone as far as they could, because they're not actually easy to use for people to to get involved.
I think there are some other interesting variations or propositions could be legal documents. So actually, legal insurance contracts.
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Dominant assurance contracts, created by Alex Tabarrok, involve an extra component, an entrepreneur who profits when the. An assurance contract, also known as a provision point mechanism, or crowdaction, is a game-theoretic mechanism and a financial technology that facilitates the voluntary creation of public goods and club goods in the face of collective action. Many types of public goods can be produced privately by profit seeking entrepre- neurs using a modified form of assurance contract, called a dominant assurance.