Economics is the only subject where two economists can share a Nobel Prize saying opposing things.
Roberto Alazar
But all the big names (25 all told including a bevy of Nobel winners) agree on this:
Prediction markets are markets for contracts that yield payments based on the outcome of an uncertain future event, such as a presidential election. Using these markets as forecasting tools could substantially improve decision making in the private and public sectors.
We argue that U.S. regulators should lower barriers to the creation and design of prediction markets by creating a safe harbor for certain types of small stakes markets. We believe our proposed change has the potential to stimulate innovation in the design and use of prediction markets throughout the economy, and in the process to provide information that will benefit the private sector and government alike.
Transterrestrial’s lawyers recommend that I warn you to put down all beverages while reading, in the interest of not being sued for keyboard and monitor replacement.
I know a lot of space enthusiasts (particularly Democrat space enthusiasts) would like to see Bill Richardson as president (or at least as vice president, a role that has traditionally had space as part of its portfolio), because of his friendliness to commercial space, as evidenced (among other things) by his support for Spaceport America in New Mexico. But it’s hard to take his campaign seriously, when you read about things like this. If you can’t develop a coherent policy position on arguably the most important issue facing the nation, or manage a campaign properly, why should we trust you to run the country?