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When Robin Hanson invented the concept of prediction markets almost thirty years ago, he felt he had stumbled on a concept with huge implications. By allowing people to bet on the likelihood of future events, prediction markets promise to allow better forecasts and better decision making.

Research into the area has been vibrant, culminating in Hanson's concept of Futarchy: A prediction-market based governance system. At the same time, the real-world applications have been few and far.

Hanson, an associate professor of economics at George Mason University, joined us to discuss his invention, futarchy and the challenges of disruptive technology. 

Topics covered included:
- How prediction markets can surface information
- The history of prediction markets
- How futarchy works
- Whether futarchy could settle the blocksize debate
- Why prediction markets failed to get wide adoption
- How Bitcoin is facing a similar adoption challenge


Links mentioned in this episode: 

- Science 'The Promise of Prediction Markets' http://bit.ly/1PJ2bAn (PDF)
- Futarchy: Vote Values, But Bet Beliefs http://bit.ly/1KFhx7v
- Robin Hanson's Blog Overcoming Bias http://bit.ly/1KFhwAx

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Show notes: http://epicenterbitcoin.com/podcast/098
YouTube: https://youtu.be/mUUk0jSndoc


Epicenter Bitcoin is hosted by Brian Fabian Crain & Sébastien Couture.
 
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EB98 – Robin Hanson: Futarchy, Prediction Markets And The Challenge Of Disruptive Technology

Epicenter is a podcast about the technologies, projects & people driving decentralization and the global blockchain revolution.

Epicenter is hosted by Brian Fabian Crain, Sebastien Couture and Meher Roy. Every week, we find the most interesting people in the industry for in-depth discussions about their projects, ideas and stories.