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orthonormal comments on Open Thread: July 2010, Part 2 - Less Wrong
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In the stock market, as in a prediction market, the smart money is what actually sets the price, taking others' irrationalities as their profit margin. There's no such mechanism in casinos, since the "smart money" doesn't gamble in casinos for profit (excepting card-counting, cheating, and poker tournaments hosted by casinos, etc).