It's a Bet: The Social Value of Prediction Markets

It's a Bet: The Social Value of Prediction Markets

Joakim Book, The Daily Economy Prediction markets reveal which beliefs people are actually willing to risk money on — and generate valuable information in the process.

Put Money on It? The Social Value of Prediction Markets

Many years ago I came into the habit of offering (and taking) bets on absolutely everything. Conversationally, it could be anything from factual and statistical statements to principles or author names, often when I thought I knew something better than my conversation partner. The point was not the money. It was what happened after losing a few bets: I learned that I often overestimated the things I so confidently knew. Sometimes, convictions he…