Experimental Political Betting Markets and the 2004 Election

Justin Wolfers; Eric Zitzewitz

doi:10.2202/1553-3832.1016

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Experimental Political Betting Markets and the 2004 Election

Justin Wolfers
Justin Wolfers

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De Gruyter De Gruyter Brill | Google Scholar
and Eric Zitzewitz
Eric Zitzewitz

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De Gruyter De Gruyter Brill | Google Scholar

Published/Copyright: October 12, 2004

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From the journal The Economists' Voice Volume 1 Issue 2

Betting on elections has been of interest to economists and political scientists for some time. We recently persuaded TradeSports to run experimental contingent betting markets, in which one bets on whether President Bush will be re-elected, conditional on other specified events occurring. Early results suggest that market participants strongly believe that Osama bin Laden’s capture would have a substantial effect on President Bush’s electoral fortunes, and interestingly that the chance of his capture peaks just before the election. More generally, these markets suggest that issues outside the campaign -– like the state of the economy, and progress on the war on terror -– are the key factors in the forthcoming election.

Keywords: Prediction Markets; Contingent Claims

Published Online: 2004-10-12

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