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Robin Hanson: Prediction Markets, the Future of Civilization, and Polymathy — #66

Manifold

NOTE

Betting Markets Reflect Collective Insight

Betting markets serve as practical tools for gauging likelihoods and predictions by utilizing the collective wisdom of participants. By allowing individuals to wager on outcomes, these markets generate visible prices that reflect the consensus opinion on probable results. Participants are incentivized to trade when they believe the current price does not accurately represent reality, prompting adjustments based on informed predictions. Ultimately, this process highlights the market's ability to aggregate knowledge and forecast outcomes, making it a valuable mechanism for anticipating various competitive scenarios.

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