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With a prediction market, everyone brings a small piece of information to the table, and the consensus proves surprisingly accurate.
The American: A Bettor World – Once apprenticed to a bookie, Justin Wolfers of Wharton now draws economic insight from the behavior of gamblers.
[...] Last year, for instance, the aggregate of small bettors who placed wagers on electoral results on TradeSports, a Web-based market, forecasted the outcome of every U.S. Senate race correctly. Companies like [...]
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Also tagged Andrew Leigh, Best Buy, economist, electronics retailer, Iraq, Justin Wolfers, location, oil, oil dividend, online prediction market, prediction markets, senior VP, United States, United States Senate, Web-based market
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