This is interesting – Gabe Newell on Youtube on the value of prediction markets. I love it…Gabe is co-founder and managing director of Video game developer video game development and online distribution company Valve Corporation (I stole that from Wikipedia). This guy is brilliant and he certainly understands markets.

Some of my earlier posts on prediction markets:

Yet another argument for prediction markets: “Reputation and Forecast Revisions: Evidence from the FOMC”
Benn & Ben – would prediction markets be of interest to you?
Prediction markets and government budget forecasts
Central banks should set up prediction markets
Markets are telling us where NGDP growth is heading
Scott’s prediction market
Bank of England should leave forecasting to Ladbrokes
Ben maybe you should try “policy futures”?
Robin Hanson’s brilliant idea for central bank decision-making