Legislative Bodies
Legislative Bodies
This chapter considers the possibility of market-based legislatures and attempts to develop the idea of text-authoring prediction markets that might be used to produce consensus “texts” of various types for a variety of purposes. After describing how such a market could work, the chapter discusses “chain novels”—those that actually exist and those that are mere metaphors for legal philosophers. The chapter considers whether prediction markets might facilitate improvements on Wikipedia, the decentralized encyclopedia, or help organize open-source software projects. It considers the more adventurous application of a market-based legislature, a model that also could be easily applied to tasks such as market-based drafting of administrative regulations. The chapter also considers what some of the limitations might be of a text-authoring market as a reflection of collective choice and the possibility of modifying the market to take into account intensity of preference.
Keywords: legislatures, prediction markets, chain novels, encyclopedia, open-source software
Yale Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.
