Prediction Markets: What They're Good for

I have a long-standing interest in prediction markets and their application for fun and profit (our PubFight game is showing some interesting applications there -- http://www.bncpubfight.ca). This is a great post about where prediction markets do and don't work by Chris Masse, who thinks about little else.

The takeaway:
"In our view, the social utility of the prediction markets lays in efficiency, not in accuracyIn complicated situations, the prediction markets integrate facts and expertise much faster than the mass media do. It is theirvelocity that we should put to work."

(Thanks to Barry Ritholtz -- http://www.ritholtz.com -- for pointing this out.) 

Eric Satie in public domain. Great and unexpected

When I studied music, the Internets were brand new (think Lynx over Telnet, with a leap to Mosaic over PPP - I feel rickety just saying it). In a grand analog gesture, we finally bought a piano, which has brought me suddenly into the online sheet music scene. Even more interesting, the online public domain sheet music scene. It's easy to forget, in the midst of the IP Wars, that practically the entire classical music canon is public domain. In the last few years, hordes of online copyists have put reams of scores, ensemble parts, and other sheet music online and available amy time you have an impulse to, say, bash out some Gymnopedie after dinner.

 For example:

 http://www.scribd.com/doc/4004917/Erik-SatieGymnopedie-1

  
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