Emile Servan-Schreiber is doing a great job of putting prediction markets on the French media scene. (As I type this, he is on French TV.)
2 green-foot French economists (David Thesmar and Augustin Landier) are hyping the prediction markets in the French media, using a non-scientific language (“-predictive markets”-, “-stocks”- *) and few references to hard facts. Their background is not stellar. They penned an Op-Ed in July 2007, titled, “-The mega-crash won’-t happen”- [PDF file].
Of course, one year later, the developed world experienced (and is still experiencing) the worst financial crisis ever. What’-s funny is that, in 2007, our 2 economists-in-chief were hyping the non-regulated credit derivatives that sent us into the depression, and denying the possibility of systemic risk. What a bunch of incompetents.
Emile, please recruit more serious people.
[*] The good vocabulary is “-prediction markets”-, and “-traded bets”- or “-event derivatives”-.
http://predipol.newsfutures.com/ —- play-money
And Today’-s Le Figaro features prediction markets, Emile tells me…-
«Du coup, assure Emile Servan-Schreiber, on ne lit plus les articles de la meme maniere, un peu comme un analyste financier qui traque l’-info pour ensuite s’-en servir dans ses recommandations d’-investissement.»