Prediction Markets + Market Predictions = Collective Forecasting That Pays Off

Robin Hanson gives TWO good spankings to Chris Hibbert.

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One:

Chris, the fact that Dan Reeves wrote a program that takes a mean of two estimates is not to me enough evidence to support the claim that this is “the odds that appear fair to bettors.”

Two:

I might be more persuaded by data on actual betting odds chosen, or a strategic model of a game where betting odds are chosen.

Are these two spankings well deserved?

- Dial “one” for “yes”; dial “two” for “no”.

Addendum: Chris Hibbert’s posterior is probably as red as a Sicilian tomato, by now —well, only a supposition.

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