What's the Most You've Ever Bet?

Justin Wolfers is an associate professor of business and public policy at the Wharton School. He won a few hundred dollars when Paul Keating became Prime Minister back in 1993. You can actually go to fairly sophisticated websites like intrade.com, where there's a large amount of trading on what's going to happen on the next US election. The brilliant thing about it is there's so many clever people out there who want to win money that all these clever people are betting in this market. So therefore the price is getting moved around by their information, and so the price ends up reflecting the wisdom of crowds.