Small comforts of prediction markets
Mike Linksvayer —- November 19th, 2007
Yesterday I had dinner with a friend I hadn’t seen for a few years. I asked what he’d been doing, apart from being a nerd, and he said he’d been spending too much time following the U.S. presidential campaigns (actually just the Ron Paul campaign, but that’s not particularly relevant here). I realized that I don’t do this anymore. It could be because I’m maturing, but I’ll give credit to prediction markets.
Most of the yapping in the media is about the horse race and personalities, which I don’t care about, other than the status of the former. Instead I check prices at Intrade most days, which gives me a more accurate and much more concise status update than any amount of time spent reading or watching commentary.
Furthermore, betting that candidates I detest will win and against candidates I mind less, even in small amounts, really helps me not waste time thinking (mostly distressed thoughts) about the election.
So thank you prediction markets for the time and peace of mind!
Mike’-s post is the most important piece of wisdom ever published about the prediction markets since the creation of the Iowa Electronic Markets in 1988.
Hence, I propose that the meager but smiling Mike Linksvayer be made the mascot of the prediction markets.
Mike Linksvayer’-s profile at Midas Oracle