Prediction Markets = marketplaces for information trading… and for separating the wheat from the chaff.
Chris F. Masse July 23rd, 2008
Our good friend George Tziralis:
Markets bring people together, they sum up their information and transmit it through prices.
[A prediction market is] a tool which can aggregate the opinions and knowledge of the many and transform these into a meaningful result.
Markets arise as the ideal tool to crowdsource cognitive tasks and arrive at consensus results which are typically proven to be more accurate or correct than the opinions of the few experts, as suggested by both theory, experiments and practice.
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Beautifully said.
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