California Institute of Technology economist Charles Plott:
What you’-re doing is collecting bits and pieces of information and aggregating it so we can watch it and understand what people know. People picked this up and called it the ‘-wisdom of crowds’- and other things, but a lot of that is just hype.
[…] markets or earthquake prediction markets could serve a societal purpose. That is complete bullshit. That is pure hype. As I said yesterday, an analyst should check whether a given prediction market is really able of […]