There is strikingly little difference in predictive power between high-incentive real-money prediction markets and low-incentive 'virtual' markets, suggesting that reputation, honor, and self-conception motivate participants to get it right even without large financial stakes.

factualpending

Speaker

Cass Sunstein

Evidence Quote

the people who are participating even in the virtual markets they really want to get it right because there's something about reputation or honor or self conception

Source

Sunstein on Infotopia, Information and Decision-MakingEconTalk
Created: 6/15/2026, 9:20:35 AM

My Notes

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