Wednesday, May 16, 2007

The human time constant

Over at BritannicaBlog, a spark of realization that prediction markets might be a good thing, after all. Welcome to the party!

This reminds me of a technology consultant that worked with me, who always cited "the human time constant" for reasons why it took so long for people to arrive at the good and obvious decisions.

At this rate, prediction markets will be fully legal and liquid by the time my grandkids arrive (and my kids aren't even in middle school yet).

UPDATE: Oh, I just noticed that it’s good ole Bryan Caplan writing.

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