Any update to the market is (equivalent to) updating on some kind of information. So all you can do is dynamically choose what to do or do not update on.* Unfortunately, whenever you choose not to update on something, you are giving up on the asymptotic learning guarantees of policy market setups. So the strategic gains from updatelesness (like not falling into traps) are in a fundamental sense irreconcilable with the learning gains from updatefulness. That doesn’t prevent that you can be pretty smart about deciding what to update on exactly… but due to embededness problems and the complexity of the world, it seems to be the norm (rather than the exception) that you cannot be sure a priori of what to update on (you just have to make some arbitrary choices).
*For avoidance of doubt, what matters for whether you have updated on X is not “whether you have heard about X”, but rather “whether you let X factor into your decisions”. Or at least, this is the case for a sophisticated enough external observer (assessing whether you’ve updated on X), not necessarily all observers.
Worked on this with Demski. Video, report.
Any update to the market is (equivalent to) updating on some kind of information. So all you can do is dynamically choose what to do or do not update on.* Unfortunately, whenever you choose not to update on something, you are giving up on the asymptotic learning guarantees of policy market setups. So the strategic gains from updatelesness (like not falling into traps) are in a fundamental sense irreconcilable with the learning gains from updatefulness. That doesn’t prevent that you can be pretty smart about deciding what to update on exactly… but due to embededness problems and the complexity of the world, it seems to be the norm (rather than the exception) that you cannot be sure a priori of what to update on (you just have to make some arbitrary choices).
*For avoidance of doubt, what matters for whether you have updated on X is not “whether you have heard about X”, but rather “whether you let X factor into your decisions”. Or at least, this is the case for a sophisticated enough external observer (assessing whether you’ve updated on X), not necessarily all observers.