Robin Hanson, associate professor of economics at George Mason University, joins Erik for a primer on prediction markets. He explains how prediction markets work and why they are one of the best methods of forecasting the future that we have.
Robin explains how useful prediction markets can be in a wide variety of fields, including some unexpected ones.
Robin and Erik speculate on why prediction markets haven’t seen widespread adoption yet and what barriers still stand in their way. They also discuss how to mitigate some of the potential pitfalls of prediction markets and how decision-making based on prediction markets can benefit society in general.
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