November 7, 2009
Steinbrenner U.
November 7, 2009
A Child Understands the Fall of the Wall
November 7, 2009
Charting Structural Economic Change
November 6, 2009
Book Update
November 6, 2009
Hitting a Nerve in Singapore
November 6, 2009
Arnold Kling on Money
November 6, 2009
Money--Designed or Emergent?
November 6, 2009
Two Links
November 5, 2009
Wisdom Worth Repeating
It doesn't seem so much a problem of who gets to tell the stories -- though more people is certainly better (with rapidly diminishing returns) -- but what incentives the story-tellers have to get it right.
Without proper incentives, we have 2 million rather than 2 hundred clowns passing on what their crystal ball reveals.
There has to be some way to turn this into a betting market. Or at least make it costly to vote on an idea, webpage, news item, etc. -- say, give the informavores a small and fixed number of votes per week. Suddenly they think twice about voting for a webpage because they're forced to think about the opportunity cost of that vote.
(Split the group of informavores into 7 equal sub-groups, and renew each one's vote basket on separate days of the week. This avoids people voting too much on items that appear earlier in the week, or being too stingy earlier in the week and holding out until the end, spending the left-overs on uninteresting stories.)
That's fine for things that don't have a right or wrong to them. But for things that do, we need something closer to betting markets.