A new spectre looms over democracy: prediction markets
They offer a troubling opportunity to manipulate public perceptions of the outcome of political events
They offer a troubling opportunity to manipulate public perceptions of the outcome of political events

New insights into motivation and strength of feeling could help democracy work better

Fights over regulation could reshape the US federal system of government

Liberals were wrong to assume the two ideas are natural twins

They can send wrong signals when trading is illiquid or when herd behaviour takes hold

Financial gamification has upended traditional patterns of trust and oversight

History suggests the political approach ends in unsustainable debt and lower GDP