Irrationality Game
Prediction markets are a terrible way of aggregating probability estimates. They only enjoy the popularity they do because of a lack of competition, and because they're cheaper to set up due to the built-in incentive to participate. They do slightly worse than simply averaging a bunch of estimates, and would be blown out of the water by even a naive histocratic algorithm (weighted average based on past predictor performance using Bayes). The performance problems of prediction markets are not just due to liquidity issues, but would inevitably crop up in any prediction market system due to bubbles, panics, hedging, manipulation, and either overly simple or dangerously complex derivatives. 90%
Hanson and his followers are irrationally attached to prediction markets because they flatter libertarian sensibilities. 60%
They do slightly worse than simply averaging a bunch of estimates, and would be blown out of the water by even a naive histocratic algorithm (weighted average based on past predictor performance using Bayes).
Congratulations. You have discovered a way to make a fortune. Mind you, while you're making your prediction you will have made your prediction wrong. That's the point of markets. If you can beat them you get paid to improve them.
I was very interested in the discussions and opinions that grew out of the last time this was played, but find digging through 800+ comments for a new game to start on the same thread annoying. I also don't want this game ruined by a potential sock puppet (whom ever it may be). So here's a non-sockpuppetiered Irrationality Game, if there's still interest. If there isn't, downvote to oblivion!
The original rules:
Enjoy!