Can prediction markets really run the world A new book wonders if they could, and the possibility is fascinating to consider, particularly if such markets might transform the agencies and courts with which Washington lawyers interact.
Prediction markets aggregate information from participants into a collective judgment, frequently involving financial rewards for correct predictions. Participants can win money by predicting events such as whether Barack Obama will become the Democratic presidential nominee, whether the U.S. economy will go into recession in 2008 or whether the Supreme Court will strike down the Washington handgun ban.
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