Barry Ritholtz has written a curious column titled The 'Wisdom of Crowds' Is Not That Wise for Bloomberg View, which criticizes prediction markets. This is not a new view for Ritholtz, as he reminds us by linking to six blog posts critical of prediction markets each written by...Barry Ritholtz. Indeed Ritholtz has made it his mission to find instances of prediction markets 'failing', and has found six of them.
Read moreThe challenge was daunting—Inkling users start with five thousand Inkles--while the top forecasters have accrued hundreds of millions (in one case billions).
Read more