Oftentimes with surprisingly little liquidity, prediction markets prove highly accurate and robust in the face of interference. The "wisdom of crowds" phenomenon ensures that these markets frequently outperform traditional forecasting tools like polls. For instance, the University of Iowa operates the Iowa Electronic Markets (IEM) as a research... See more
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Often experts apply their knowledge in unfamiliar or uncertain situations. “How much will this policy decrease child poverty” “Will Biden leave in the next 3 days” “Will I feel better after taking painkillers?” “How much will sea levels rise?”