Skin in the Game as a Required Heuristic for Acting Under Uncertainty

Re:Skin in the Game as a Required Heuristic for Acting Under... by MBlume on Monday July 29, 2013 @07:13PM (#6124465)

So what happens to the authors of this paper if we take their advice and it goes badly?

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Re:Skin in the Game as a Required Heuristic for Acting Under... by zzleeper on Monday July 29, 2013 @08:36PM (#6124769)

Nothing of course! It's one of the wonders of being an economist ;)

(sarcasm aside, I do think there should be stronger professional repercussions in economics for advocating idiotic policies. It's one thing to found a startup and fail, and then start again; it's another to cause a deep recession in a country and then say "oh well, let's try again")

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Re:Skin in the Game as a Required Heuristic for Acting Under... by moments on Tuesday July 30, 2013 @01:33AM (#6125508)

The author follows this rule: only recommend a strategy that is currently used.

If the advice goes badly, the author also suffers. Such recommendations are more reliable than those from authors without 'skin in the game'.

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