Interpreting the predictions of prediction markets [An article from: Economics Letters]

by C.F. Manski

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This digital document is a journal article from Economics Letters, published by Elsevier in 2006. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

Description:
Prediction markets are futures markets in which prices are used to predict future events. I present the first formal analysis of price determination supposing traders have heterogeneous beliefs, deriving the equilibrium when traders are risk-neutral price takers.

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