Competing cross-market arbitrageurs would bound divergence between prices in different markets—it only takes a small price difference for an arbitrageur to move large quantities from one market to another. As a result, prices of all markets end up (nearly) identical, and the whole thing acts as a single market. The more general principle at work here: two markets in equilibrium act like a single market.
Mathematically: each market mechanism is computing a fixed point, and simultaneously solving two coupled fixed-point problems is equivalent to solving a single fixed-point problem.
In principle, this would also work for normal LI, but the deductive process would still be a single monolithic interface to the rest of the world, so we wouldn’t really gain much from it. With truth-producers, the producers can be spread across sub-markets.
Oh hmmm. How would the generalization work?
Competing cross-market arbitrageurs would bound divergence between prices in different markets—it only takes a small price difference for an arbitrageur to move large quantities from one market to another. As a result, prices of all markets end up (nearly) identical, and the whole thing acts as a single market. The more general principle at work here: two markets in equilibrium act like a single market.
Mathematically: each market mechanism is computing a fixed point, and simultaneously solving two coupled fixed-point problems is equivalent to solving a single fixed-point problem.
In principle, this would also work for normal LI, but the deductive process would still be a single monolithic interface to the rest of the world, so we wouldn’t really gain much from it. With truth-producers, the producers can be spread across sub-markets.