I think you get an adjustment from that, but that it should be modest. None of the arguments we have so far about how difficult to expect the problem to be seem very robust, so I think it’s appropriate to have a somewhat broad prior over possible difficulties.
I think the picture you link to is plausible if the horizontal axis is interpreted as a log scale. But this changes the calculation of marginal impact quite a lot, so that you probably get more marginal impact towards the left than in the middle of the curve. (I think it’s conceivable to end up with well-founded beliefs that look like that curve on a linear scale, but that this requires (a) very good understanding of what the problem actually is, & (b) justified confidence that you have the correct understanding.)
I think you get an adjustment from that, but that it should be modest. None of the arguments we have so far about how difficult to expect the problem to be seem very robust, so I think it’s appropriate to have a somewhat broad prior over possible difficulties.
I think the picture you link to is plausible if the horizontal axis is interpreted as a log scale. But this changes the calculation of marginal impact quite a lot, so that you probably get more marginal impact towards the left than in the middle of the curve. (I think it’s conceivable to end up with well-founded beliefs that look like that curve on a linear scale, but that this requires (a) very good understanding of what the problem actually is, & (b) justified confidence that you have the correct understanding.)