Jonathan Berk
speaker
579 appearances
6 recordings
1 series
first heard Jun 2026
last heard 13 Aug
Jonathan Berk’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 6 in all, peaking in Jul 2026 with 3.
Appearances
So it's a very good example of how not establishing common knowledge
is advantageous.
But then there are also many other situations in the book where it goes the other way, where establishing common knowledge is important for getting to better outcomes.
So what I think we're going to do, Jules, is speak about the specific cases when common knowledge can be useful in the way it was for splitting into their teeth, where people can, based on what is common knowledge, make inferences that they wouldn't otherwise make.
Let's do that.
Well, Stephen, one of the things Jules and I were thinking about is, obviously, the lack of common knowledge is somewhat of a barrier to competition, right?
If you don't really know how your competitor is going to react, then it's harder to go into the business.
And so have you thought about the extent to which common knowledge interacts with competition and monopoly and that stuff in the economy?
Yes, no, absolutely.
I've spent a lot of time thinking about these issues.
Why do retail investors trade and lose money?
I think there is a real sense of the average person not really understanding the implications of common knowledge.
Yeah.
Right.
And I think it's ubiquitous in the economy.
I think all else equal is about what I would call equilibrium thinking.
That is not holding all else equal, realizing that your action has an effect on the world.
But to go and think about how it affects the world, that is a hard problem.
And I think most people, maybe because it's such a hard problem, just tend to ignore it.
Yeah.
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