Charles Plott (a big-shot economist) condemns all the hype surrounding the prediction markets and the wisdom of crowds.

No Gravatar

California Institute of Technology economist Charles Plott:

What you&#8217-re doing is collecting bits and pieces of information and aggregating it so we can watch it and understand what people know. People picked this up and called it the &#8216-wisdom of crowds&#8217- and other things, but a lot of that is just hype.