My Best Idea: Decision Markets
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Many (Poincaré 1908, Schumpeter 1911, Ogburn 1922) have said that, as there are so many good ideas out there, most innovation is just simple combos of prior good ideas. This seems true of my best idea.April 25, 1996, thirty years ago today, I first posted my best idea: decision markets, i.e., speculative markets that advise specific decisions by estimating decision-conditional outcomes. A.k.a., “futarchy” as applied to governance. It’s not my deepest, grandest, beautiful,
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