Plain Sense Economics

Several years ago I wrote about prediction markets like Intrade.com. As the U.S. Presidential election cycle heats up I find I am drawn back to this special kind of bookmaking operation on the Internet. You can see a long list of Presidential election predictions on the Intrade site.
The phrase The Wisdom of Crowds is the [...]

Prediction markets represent a fascinating development on the Internet. They’re a live, real-world example of the power of markets. True confession…I understand the basics of these markets, but there is much more for me to learn about them. Still I thought it important to introduce them here. Plus – there are some particularly relevant predictions [...]