Comments on: Turning The Economist into an economy http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/ A story about innovation Fri, 29 Aug 2008 17:18:55 +0000 http://wordpress.org/?v=2.1.2 By: Midas Oracle .ORG » Blog Archive » OUR MIKE LINKSVAYER HAS SUCCEEDED IN GETTING THE ECONOMIST INTERESTED IN PREDICTION MARKETS. http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-737 Midas Oracle .ORG » Blog Archive » OUR MIKE LINKSVAYER HAS SUCCEEDED IN GETTING THE ECONOMIST INTERESTED IN PREDICTION MARKETS. Fri, 23 Mar 2007 10:13:52 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-737 [...] The Economist (Project Red Stripe): Most contributors in this area would like The Economist to launch an online service allowing subscribers to participate and even create such prediction markets. “The Economist has a perfect userbase for running policy analysis markets. Every article should have a sidebar with the relevant market(s) displayed”, suggests a contributor who prefers to remain unnamed. [...] […] The Economist (Project Red Stripe): Most contributors in this area would like The Economist to launch an online service allowing subscribers to participate and even create such prediction markets. “The Economist has a perfect userbase for running policy analysis markets. Every article should have a sidebar with the relevant market(s) displayed”, suggests a contributor who prefers to remain unnamed. […]

]]> By: Mat Toor http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-739 Mat Toor Fri, 23 Mar 2007 11:51:19 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-739 Hi Stuart, Hey a Web 2.0 conversation. Let's meet up for a beer definitely. I can honestly say that our projects won't overlap in the slightest... Mat Hi Stuart,
Hey a Web 2.0 conversation. Let’s meet up for a beer definitely. I can honestly say that our projects won’t overlap in the slightest…
Mat

]]> By: Mat Toor http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-740 Mat Toor Fri, 23 Mar 2007 11:51:48 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-740 Ooh. Moderation, eh.... Ooh. Moderation, eh….

]]> By: Midas Oracle .ORG » Blog Archive » The Economist’s Project Red Stripe: Turning The Economist Into An Economy http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-774 Midas Oracle .ORG » Blog Archive » The Economist’s Project Red Stripe: Turning The Economist Into An Economy Sat, 24 Mar 2007 09:06:17 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-774 [...] The Economist’s Project Red Stripe: Turning The Economist Into An Economy The Economist’s Project Red Stripe: [...] […] The Economist’s Project Red Stripe: Turning The Economist Into An Economy The Economist’s Project Red Stripe: […]

]]> By: Midas Oracle .ORG » Blog Archive » The Economist should set up The Open Institute for Prediction Markets. http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-782 Midas Oracle .ORG » Blog Archive » The Economist should set up The Open Institute for Prediction Markets. Sun, 25 Mar 2007 08:12:05 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-782 [...] spend any money on setting up a prediction exchange (betting exchange) designed only for The Economist subscribers. Instead, premiere a weekly webspot and column on socially relevant prediction markets (politics, [...] […] spend any money on setting up a prediction exchange (betting exchange) designed only for The Economist subscribers. Instead, premiere a weekly webspot and column on socially relevant prediction markets (politics, […]

]]> By: Andrew Leigh » Blog Archive » Bet on Red http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-784 Andrew Leigh » Blog Archive » Bet on Red Sun, 25 Mar 2007 10:30:16 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-784 [...] spend any money on setting up a prediction exchange (betting exchange) designed only for The Economist subscribers. Instead, premiere a weekly webspot and column on socially relevant prediction markets (politics, [...] […] spend any money on setting up a prediction exchange (betting exchange) designed only for The Economist subscribers. Instead, premiere a weekly webspot and column on socially relevant prediction markets (politics, […]

]]> By: Midas Oracle .ORG » Blog Archive » Has the FermiLab in Chicago discovered the elusive Higgs particle? http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-799 Midas Oracle .ORG » Blog Archive » Has the FermiLab in Chicago discovered the elusive Higgs particle? Mon, 26 Mar 2007 16:45:45 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-799 [...] Link: Project Red Stripe » Blog Archive » Turning The Economist into an economy Read the last blog posts by Chris. F. Masse:NETeller out of the Canadian and Turkish markets.The [...] […] Link: Project Red Stripe » Blog Archive » Turning The Economist into an economy Read the last blog posts by Chris. F. Masse:NETeller out of the Canadian and Turkish markets.The […]

]]> By: Brent http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-803 Brent Mon, 26 Mar 2007 22:30:42 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-803 You wrote, "... prediction, information or decision markets." However, the correct terminology is “prognosis market” (aka “prognostic market” aka “P2P betting futures”). We need to be very careful about using terms carefully and consistently. You wrote, “… prediction, information or decision markets.” However, the correct terminology is “prognosis market” (aka “prognostic market” aka “P2P betting futures”). We need to be very careful about using terms carefully and consistently.

]]> By: Rafe Furst http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-809 Rafe Furst Tue, 27 Mar 2007 05:22:25 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-809 I think Yahoo Buzz Game is already doing Nathan Miller's suggestion: http://buzz.research.yahoo.com/bk/market/index.html I think Yahoo Buzz Game is already doing Nathan Miller’s suggestion:

http://buzz.research.yahoo.com/bk/market/index.html

]]> By: Midas Oracle .ORG » Blog Archive » Let’s crack Google wide open. http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1194 Midas Oracle .ORG » Blog Archive » Let’s crack Google wide open. Mon, 09 Apr 2007 17:05:02 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1194 [...] Google setting up a whole economy, a la [...] […] Google setting up a whole economy, a la […]

]]> By: Project Red Stripe » Blog Archive » Fire away http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1316 Project Red Stripe » Blog Archive » Fire away Thu, 12 Apr 2007 14:50:33 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1316 [...] Prediction Markets - Miscellaneous - Managing information - Kids - Wikis - Comments, mashups and tagging - Data [...] […] Prediction Markets - Miscellaneous - Managing information - Kids - Wikis - Comments, mashups and tagging - Data […]

]]> By: Midas Oracle .ORG » Blog Archive » The Economist’s Project Red Stripe http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1324 Midas Oracle .ORG » Blog Archive » The Economist’s Project Red Stripe Thu, 12 Apr 2007 15:37:32 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1324 [...] - Prediction markets [...] […] - Prediction markets […]

]]> By: Damien http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1342 Damien Thu, 12 Apr 2007 23:13:39 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1342 Good stuff especially with the pedigree of the Economist's readership. Though make sure its secure. Cunning so and so's aware of such a readership may be willing to do whatever it takes to game the system, knowing that Economist readers often being worthwhile folks may take the results of such Economists reader markets into consideration thus creating self fufilling prophecies etc. Good stuff especially with the pedigree of the Economist’s readership. Though make sure its secure. Cunning so and so’s aware of such a readership may be willing to do whatever it takes to game the system, knowing that Economist readers often being worthwhile folks may take the results of such Economists reader markets into consideration thus creating self fufilling prophecies etc.

]]> By: K Kumragse http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1356 K Kumragse Fri, 13 Apr 2007 06:49:26 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1356 It's Songkran day here in Thailand and outside kids are throwing water. Thanks for asking me to make comments. Can I make a full reply on all subjects after the 20th as I'm now on holiday? But just a quick one on the prediction market. I doubt this market would attract people who matter. I mean someone like Warren Buffett would never waste his time going inside. Added the professional gamblers and hedge-fund operators, what would then be its use? Better leave it as an intellectual pursuit and something done in small circles. However, I saw you mention "the Economist should create its own currency". For the past weeks I've been thinking about how to adopt and deploy your Big Mac currency as standard currency in the Economistplace.com online marketplace. Briefly it's this: at first you would have all transactions done in U.S. currency and at the same price of one US dollar. Yes, every item on sale there would cost only one dollar. Which in case of a newspaper it will be one dollar whether it is in newsprint or digital form. Of course this would bring complaints about currency-exchange inequity. So after a long while you would announce you would solve the problem by switching the transacting currency from US dollar to Big Mac. Issuing and distributing own currency for worldwide online use will be a big, big business. So far I have got its name already which is BMC and its symbol a small, rough sketch of a hamburger. Done properly this currency can be the standard currency of the online world. I will write you again in about 10 days. Regards, K Kumragse It’s Songkran day here in Thailand and outside kids are throwing water. Thanks for asking me to make comments. Can I make a full reply on all subjects after the 20th as I’m now on holiday?

But just a quick one on the prediction market. I doubt this market would attract people who matter. I mean someone like Warren Buffett would never waste his time going inside. Added the professional gamblers and hedge-fund operators, what would then be its use? Better leave it as an intellectual pursuit and something done in small circles.

However, I saw you mention “the Economist should create its own currency”. For the past weeks I’ve been thinking about how to adopt and deploy your Big Mac currency as standard currency in the Economistplace.com online marketplace.

Briefly it’s this: at first you would have all transactions done in U.S. currency and at the same price of one US dollar. Yes, every item on sale there would cost only one dollar. Which in case of a newspaper it will be one dollar whether it is in newsprint or digital form.

Of course this would bring complaints about currency-exchange inequity. So after a long while you would announce you would solve the problem by switching the transacting currency from US dollar to Big Mac.

Issuing and distributing own currency for worldwide online use will be a big, big business. So far I have got its name already which is BMC and its symbol a small, rough sketch of a hamburger. Done properly this currency can be the standard currency of the online world.

I will write you again in about 10 days.

Regards,
K Kumragse

]]> By: Brant B http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1375 Brant B Fri, 13 Apr 2007 21:17:03 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1375 I think the idea of a truth market is fantastic. I think it would be a great way to "call out" politicians, journalists or anyone making claims in public. I speak from a personal experience that could have received some justice with such a system. We had a politician make a public statement against our company (in a press release) as an attempt to get publicity. I am highly confident he did not believe the statement had any truth to it or at least made the statement with complete lack of knowledge of the situation. But he received a great deal of press as a result of his statement. It was later proved to be false, but he was able to get out of the entire situation achieving his primary goal - positive publicity without any recourse. A politician with a large number of truth claims valued close to zero in the market would likely be a telling sign. It would also be interesting to see what politicians actually make statements that could become truth claims. Those without many truth claims are likely to be the type of candidate that speaks a great deal without proposing goals for his/her term and without taking a definitive side on an issue. I think the idea of a truth market is fantastic.

I think it would be a great way to “call out” politicians, journalists or anyone making claims in public.

I speak from a personal experience that could have received some justice with such a system. We had a politician make a public statement against our company (in a press release) as an attempt to get publicity. I am highly confident he did not believe the statement had any truth to it or at least made the statement with complete lack of knowledge of the situation. But he received a great deal of press as a result of his statement. It was later proved to be false, but he was able to get out of the entire situation achieving his primary goal - positive publicity without any recourse.

A politician with a large number of truth claims valued close to zero in the market would likely be a telling sign.

It would also be interesting to see what politicians actually make statements that could become truth claims. Those without many truth claims are likely to be the type of candidate that speaks a great deal without proposing goals for his/her term and without taking a definitive side on an issue.

]]> By: Brad Inggs http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1384 Brad Inggs Sat, 14 Apr 2007 03:00:39 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1384 Great to see you guys included Prediction Markets among your short list. Of course I'll be hoping it gets chosen, your publisher has a fantastic user base for it. Also, abit belated but better late than never, well done to the Economist Group for creating Project Red Stripe and the team, keep up the great work! I wish I was in London still so I could take you all for a pint. I'll be following your projects closely... Kind regards Brad Inggs Eventis Capital Predition Market Intelligence Great to see you guys included Prediction Markets among your short list. Of course I’ll be hoping it gets chosen, your publisher has a fantastic user base for it.

Also, abit belated but better late than never, well done to the Economist Group for creating Project Red Stripe and the team, keep up the great work! I wish I was in London still so I could take you all for a pint.

I’ll be following your projects closely…

Kind regards
Brad Inggs
Eventis Capital
Predition Market Intelligence

]]> By: Midas Oracle .ORG » Blog Archive » WHY THE ECONOMIST SHOULD ADD MARKET-GENERATED PROBABILITIES NEXT TO ITS CONTENT. http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1603 Midas Oracle .ORG » Blog Archive » WHY THE ECONOMIST SHOULD ADD MARKET-GENERATED PROBABILITIES NEXT TO ITS CONTENT. Fri, 20 Apr 2007 13:38:37 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1603 [...] Link: Turning The Economist into an economy = The Red Stripe Project investigating the prediction markets. Read the last blog posts by Chris. [...] […] Link: Turning The Economist into an economy = The Red Stripe Project investigating the prediction markets. Read the last blog posts by Chris. […]

]]> By: Midas Oracle .ORG » Blog Archive » Will The Economist manage its own prediction markets? YES or NO?? http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1977 Midas Oracle .ORG » Blog Archive » Will The Economist manage its own prediction markets? YES or NO?? Sat, 28 Apr 2007 13:18:46 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-1977 [...] Link: Turning The Economist into an economy = The Red Stripe Project investigating the prediction markets. Read the last blog posts by Chris. [...] […] Link: Turning The Economist into an economy = The Red Stripe Project investigating the prediction markets. Read the last blog posts by Chris. […]

]]> By: Midas Oracle .ORG » Blog Archive » And the Eye-in-the-Sky is watching us all. http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-2513 Midas Oracle .ORG » Blog Archive » And the Eye-in-the-Sky is watching us all. Fri, 11 May 2007 11:43:43 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-2513 [...] the snapshot above, taken from The Economist’s Project Red Stripe webcam, the guy in a black T-shirt (Stewart Robinson), in the right-bottom corner of the picture, [...] […] the snapshot above, taken from The Economist’s Project Red Stripe webcam, the guy in a black T-shirt (Stewart Robinson), in the right-bottom corner of the picture, […]

]]> By: Julian On Software » Project Red Stripe — update on the future of the Economist http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-2749 Julian On Software » Project Red Stripe — update on the future of the Economist Wed, 16 May 2007 05:36:39 +0000 http://projectredstripe.com/blog/2007/03/22/turning-the-economist-into-an-economy/#comment-2749 [...] Turning the Economist magazine into an economy — prediction markets. See Wisdom of Crowds for theory. [...] […] Turning the Economist magazine into an economy — prediction markets. See Wisdom of Crowds for theory. […]

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