QUICK BITS, no. 10
Pavel Atanasov posts (1 November) on Scientific American HERE
“The Best Bet in Crowd Prediction: Research improves on prediction markets”
“In theory, the invisible hand will do its magic, efficiently aggregating all relevant information available to participants.”
In whose theory? What “magic” does the ‘invisible hand” do. This is cloud cookoo land, even in “theory”, and certainly no theory ever postulated by Adam Smith.
Are such assertions appropriate for the prestigious Scientific American?