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Justin Wolfers and Eric Zitzewitz were asking, “How to attract uninformed traders?”. (PDF file) Well, here’s one answer. Make suckers believe that Inkling Markets is like a voting system, where the more supporters show up for a political candidate, the more likely it will be that their candidate will get the nomination/election. (See Mike Giberson’s excellent blog post, yesterday, for more info.)
REALITY CHECK: The “votes” sent to Inkling Markets by the uninformed traders will be overturned over time as the active and informed traders (the “market makers”) go trading on this particular prediction market.
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I think Inkling offers a cheap and easy way for people to learn about prediction markets, and think that more political candidates should urge participation among their supporters!
In an unrelated note
, I’m aiming to score a substantial boost to my inkling count on the day this market closes.
RE: Your first comment
That’s why NewsFutures, InTrade, BetFair and all the others should open as many local political prediction markets as possible. Do you think that a US politician would urge his/her followers to speculate on his/her behalf [!] on real-money prediction exchanges??
Probably not, or at least not publicly. Besides, when suckers’ — uh, I mean supporters’ money is available, most politicians would likely prefer to have it for their campaign.