Velocity is such a potent argument. Why don’t we use it more, for Christ’s sake?

Posted on February 18, 2009 by Chris F. Masse

I am re-reading a 2007 scientific article from Region Focus’ Vanessa Sumo:

- Ask The Market – Companies are leading the way in the use of prediction markets. The public sector may soon follow. – (PDF)

Here is what I see on the frontpage:

- “one or two weeks in advance“

- “even up to five weeks in advance“

Marketing-wise, velocity is a much more potent argument than the argument on accuracy. Who cares about an added accuracy of +2.7% (and that’s debated)? If any, that’s peanuts.

You cannot make a case against velocity. Impossible.

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UPDATE: Put the PDF link in the address box of your browser (as opposed to clicking on it, or right-clicking on it).

http://www.richmondfed.org/publications/research/region_focus/2007/spring/pdf/feature1.pdf

About Chris F. Masse

Founder and President of Midas Oracle
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2 Responses to Velocity is such a potent argument. Why don’t we use it more, for Christ’s sake?

  1. Jason Ruspini says:
    February 20, 2009 at 6:01 PM

    I prefer the term efficiency. Velocity sounds pseudo-scientific and is less general. And without a certain minimum of relative accuracy, efficiency won’t matter.

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