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American Focus > Blog > Economy > My Personal Prediction Machine – Econlib
Economy

My Personal Prediction Machine – Econlib

Last updated: November 7, 2024 1:57 pm
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My Personal Prediction Machine – Econlib
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Why Prediction Markets Are Reliable: A Case Study

Alex Tabarrok recently shared a compelling post on Marginal Revolution about the trustworthiness of prediction markets. He highlights the inherent reliability of markets where individuals wager their own money on their predictions, making it challenging to dispute their insights.

Having closely monitored these markets myself, I confidently informed acquaintances that I anticipated Donald Trump’s victory in the presidential election and the Republicans securing the Senate.

Intriguingly, I devised my own prediction technique, which came into play shortly after the polls closed in the eastern time zone. Amidst the election fervor, the focal point was Pennsylvania’s outcome, as it could sway the national election. Anticipating a close race, I pondered leveraging New Jersey as a potential indicator for Pennsylvania’s trajectory.

My theory posited that if Trump garnered a minimum 4-point surge in New Jersey’s popular vote compared to his 2020 performance against Biden, he stood a solid chance in Pennsylvania. Given his narrow 1.2-point loss in Pennsylvania in 2020, a substantial gain in New Jersey could tilt the scales in his favor. To my satisfaction, Trump exceeded his 2020 New Jersey percentage by approximately 5 points, culminating in a 2-point victory in Pennsylvania.

While my methodology paled in comparison to the efficiency of prediction markets, yielding delayed results, it provided a gratifying alternative to the suspense engulfing many Americans as election night unfolded.

It is worth noting that leveraging prediction markets bolstered my confidence in predicting Trump’s triumph, resulting in successful wagers that netted me $40 from a Facebook friend and $10 from a neighbor. These bets, placed days before the election, underscore the value of heeding market sentiments. For those interested, these are the markets I monitored closely.

See also  AC Milan vs. Inter Milan odds, how to watch, best bets: Coppa Italia picks, prediction for Wednesday, April 23

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