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MBlume comments on Buy Now Or Forever Hold Your Peace - Less Wrong
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If you are getting the insurance by placing bets, then people will be buying the candidates they don't like. If lots of people don't like a candidate, that is not a sign that the candidate will do well.
Insurance adds liquidity to the market. Someone has to pay the speculators a premium for being right, and sometimes that's the insurance-buyers. Higher premiums for speculators -> better quality speculation.