The arguments here have convinced me to bet some money on Biden
Which ones convinced you? I still haven’t seen a serious explanation for why everyone is apparently leaving so much expected value on the table. It seems to me that the market is big enough to be worth the attention of serious people, but not so big that it would take a huge number of them to snap up all the ‘dumb money’ and push the odds somewhere reasonable.
The main factors were Nate Silver’s record of good calibration, and (alleged) “smart money” successful bettors (including local Zvi) being onto it. I’m still uncertain why the market could be so inefficient in this case, so I’m not betting a lot of money, but it’s possible that institutional factors prevent large amounts of smart capital coming in—perhaps directly betting on the election is still too weird for a large investment firm.
Which ones convinced you? I still haven’t seen a serious explanation for why everyone is apparently leaving so much expected value on the table. It seems to me that the market is big enough to be worth the attention of serious people, but not so big that it would take a huge number of them to snap up all the ‘dumb money’ and push the odds somewhere reasonable.
The main factors were Nate Silver’s record of good calibration, and (alleged) “smart money” successful bettors (including local Zvi) being onto it. I’m still uncertain why the market could be so inefficient in this case, so I’m not betting a lot of money, but it’s possible that institutional factors prevent large amounts of smart capital coming in—perhaps directly betting on the election is still too weird for a large investment firm.