Keyword Of The Day: NETWORK EXTERNALITIES
Network externality has been defined as a change in the benefit, or surplus, that an agent derives from a good when the number of other agents consuming the same kind of good changes.
Previous blog posts by Chris F. Masse:
- Collective Error = Average Individual Error – Prediction Diversity
- When gambling meets Wall Street — Proposal for a brand-new kind of finance-based lottery
- The definitive proof that it’s presently impossible to practice prediction market journalism with BetFair.
- The Absence of Teams In Production of Blog Journalism
- Publish a comment on the BetFair forum, get arrested.
- If I had to guess, I would say about 50 percent of the “name pros” you see on television on a regular basis have a negative net worth. Frightening, I know.
- You can’t measure the usefulness of a system by how many resources it consumes.