Never mind bettors—part of my project for improving the world is, I want people like Casey to look at a prediction market and be like, “Oh, a prediction market. I take this probability seriously, because if it was obviously wrong, someone could come in and make money by fixing it, and then it would be right.” If he doesn’t understand that line of argument, then indeed, why is Casey ever going to take the probability any more seriously than a Twitter poll?
I feel like right now he might have the vibe of that argument, even if he doesn’t actually understand it? But I think you have to really comprehend the argument before you will take the prediction market more seriously than your own uninformed feeling about the topic, or your colleague’s opinion, or one research paper you skimmed.
Never mind bettors—part of my project for improving the world is, I want people like Casey to look at a prediction market and be like, “Oh, a prediction market. I take this probability seriously, because if it was obviously wrong, someone could come in and make money by fixing it, and then it would be right.” If he doesn’t understand that line of argument, then indeed, why is Casey ever going to take the probability any more seriously than a Twitter poll?
I feel like right now he might have the vibe of that argument, even if he doesn’t actually understand it? But I think you have to really comprehend the argument before you will take the prediction market more seriously than your own uninformed feeling about the topic, or your colleague’s opinion, or one research paper you skimmed.