Isn’t the fact that Manifold is not really a real-money prediction market very important here? If there was real money on the table, for example, it’s less likely that the 1/1/26 market would have been “forgotten”—the original traders would have had money on the line to discipline their attention.
Every time someone calls Manifold (or Metaculus) a “prediction market”, god kills an arbitrageur [even though both platforms are still great!].
Real-money markets do have stronger incentives for sharps to scour for arbitrage, so the 1/1/26 market would have been more likely to be noticed before months had gone by.
However (depending on the fee structure for resolving N/A markets), real-money markets have even stronger incentives for sharps to stay away entirely from spurious conditional markets, since they’d be throwing away cash and not just Internet points. Never ever ever cite out-of-the-money conditional markets.
Even in real-money prediction markets, “how much real money?” is a crucial question for deciding whether to trust the market or not. If you had a tonne of questions and no easy way to find the “forgotten” markets, and each market has (say) 10s-100s of dollars of orders on the book, then the people skilled enough to do the work likely have better ways to turn their time (and capital) into money. For example, I think some of the more niche Betfair markets are probably not worth taking particularly seriously.
Isn’t the fact that Manifold is not really a real-money prediction market very important here? If there was real money on the table, for example, it’s less likely that the 1/1/26 market would have been “forgotten”—the original traders would have had money on the line to discipline their attention.
Every time someone calls Manifold (or Metaculus) a “prediction market”, god kills an arbitrageur [even though both platforms are still great!].
Real-money markets do have stronger incentives for sharps to scour for arbitrage, so the 1/1/26 market would have been more likely to be noticed before months had gone by.
However (depending on the fee structure for resolving N/A markets), real-money markets have even stronger incentives for sharps to stay away entirely from spurious conditional markets, since they’d be throwing away cash and not just Internet points. Never ever ever cite out-of-the-money conditional markets.
Even in real-money prediction markets, “how much real money?” is a crucial question for deciding whether to trust the market or not. If you had a tonne of questions and no easy way to find the “forgotten” markets, and each market has (say) 10s-100s of dollars of orders on the book, then the people skilled enough to do the work likely have better ways to turn their time (and capital) into money. For example, I think some of the more niche Betfair markets are probably not worth taking particularly seriously.