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Yvain comments on Typical Mind and Politics - Less Wrong
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If you have the right to make noise and someone else wants to pay you to be quiet, you might pretend to like noise more than you do to get them to pay you more. But if you have the right to keep things quiet and someone else wants to pay you so they can make noise, you might pretend to like quiet more than you do to get them to pay you more. The fact that people can pretend to want things more than they do makes deals harder regardless of which is the efficient outcome.
If there's no public regulation of noise, and I feel like being noisy, why would I offer to pay a quiet-liker? I'll just be noisy and stop if someone pays me to. The situation isn't symmetric, because the quiet-liker wants the noise-maker to change their default behavior, but the noise-maker doesn't care about the quiet-liker's default behavior.
Regulation is different from property rights. People could have a property right to make noise, or to prevent noise, or there could be regulation to set a given level of noise or quiet.