I’m confused about what distinction you’re making. What’s the difference between the value of the trade and the actual value the participants expect to receive? Is the distinction if one trader is mislead about the deal?
The expectation of the value is something that exists in the head of the trader before the trade actually happens. The actual value is something that happens at a different layer of abstraction.
Even without anyone intentionally misleading anybody else, it’s often hard to know the value of a service.
If I invent a new medical treatment and offer it to a patient, the traditional approach to estimating the actual value needs clinical trials. Prediction-based Medicine might not need as much work, but it still doesn’t change the fundamental fact that the received value is something different than the expected value.
This is classic, the map is not the territory, consciousness of abstraction. It’s surprising to me that it’s not obvious to other people that consciousness of abstraction and the difference between expected and received value doesn’t feel important to other people. Maybe, Korzybski should be read more?
I’m confused about what distinction you’re making. What’s the difference between the value of the trade and the actual value the participants expect to receive? Is the distinction if one trader is mislead about the deal?
The expectation of the value is something that exists in the head of the trader before the trade actually happens. The actual value is something that happens at a different layer of abstraction.
Even without anyone intentionally misleading anybody else, it’s often hard to know the value of a service.
If I invent a new medical treatment and offer it to a patient, the traditional approach to estimating the actual value needs clinical trials. Prediction-based Medicine might not need as much work, but it still doesn’t change the fundamental fact that the received value is something different than the expected value.
This is classic, the map is not the territory, consciousness of abstraction. It’s surprising to me that it’s not obvious to other people that consciousness of abstraction and the difference between expected and received value doesn’t feel important to other people. Maybe, Korzybski should be read more?