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PredictocracyMarket Mechanisms for Public and Private Decision Making$
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Michael Abramowicz

Print publication date: 2008

Print ISBN-13: 9780300115994

Published to Yale Scholarship Online: October 2013

DOI: 10.12987/yale/9780300115994.001.0001

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Legislative Bodies

Legislative Bodies

(p.255) Chapter 9 Legislative Bodies

Michael Abramowicz

Yale University Press

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

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