Came across this interesting little paper. The title can be a little confusing since the term prediction market is simply used to convey a market that generates odds. When they say prediction market think bookmaker. The gist of the paper is that such markets have been used for centuries for a variety of events but…
Over the past few years a popular bit of folk lore has taken hold in the minds of the non critical thinking members of the public. This odd quirk in thinking is essentially that talent is over rated as a commodity and that all that is required for success in a given field is practice.…
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