Charles Plott (a big-shot economist) condemns all the hype surrounding the prediction markets and the wisdom of crowds.

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California Institute of Technology economist Charles Plott:

What you&#8217-re doing is collecting bits and pieces of information and aggregating it so we can watch it and understand what people know. People picked this up and called it the &#8216-wisdom of crowds&#8217- and other things, but a lot of that is just hype.

One thought on “Charles Plott (a big-shot economist) condemns all the hype surrounding the prediction markets and the wisdom of crowds.

  1. ABC 20/20 - A good (but servile) explainer on the wisdom of crowds and the prediction markets | Midas Oracle .ORG said:

    […] markets or earthquake prediction markets could serve a societal purpose. That is complete bullshit. That is pure hype. As I said yesterday, an analyst should check whether a given prediction market is really able of […]

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