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saliency comments on Opaque fragile systems/institutions dominate. - Less Wrong Discussion

-7 Post author: saliency 11 June 2012 03:06PM

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Comment author: saliency 11 June 2012 09:40:51PM -1 points [-]

All systems: A cities zoning board. The network of mortgage back securities. A large firm.

In all individual agents have incentive to shroud and prefer subscribing to a shrouded systems so as to extract rents.