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Markets For Markets: Origins And Subjects Of Information Markets, Miriam A. Cherry, Robert L. Rogers

All Faculty Scholarship

This Article focuses on why information markets have covered certain subject areas, sometimes of minor importance, while neglecting other subject areas of greater significance. To put it another way, why do information markets exist to predict the outcome of the papal conclave and the Michael Jackson trial, but no information markets exist to predict government policy conclusions, Supreme Court decisions, or the rulings in Delaware corporate law cases? Arguably, from either a dollar value or a social utility perspective, these areas of law and business would be more important than the outcome of, say, the Jackson trial. Why, then, do …