Prediction Markets: Ideal Future & Growth
News Context
At a glance
- If you could invent something to fulfil an economist’s dream, it would look an awful lot like a prediction market.
If you could invent something to fulfil an economist’s dream, it would look an awful lot like a prediction market. A world where every uncertain future can be priced, hedged and insured against? Kenneth Arrow and Gérard Debreu would approve. A market mechanism to co-ordinate the decentralised wisdom of crowds, ensuring the accuracy of such prices? Adam Smith and Friedrich Hayek sought just that.