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January 18th, 2003 - Open Knowledge

Jan. 18th, 2003

01:06 am - Money, Money, Money!

More shameless self-promotion:

The February, 2003 edition of Money magazine devoted a four page spread to Marketocracy. Wahoo!


The Ultimate Mutual Fund Guide 2003
Is This Any Way To Run A Mutual Fund? ; Ken Kam used to manage a high-flying tech fund. Now, at Marketocracy, he lets regular folks compete for the right to run money. It's an odd idea, but so far it seems to be working.
Amy Feldman

02/01/2003
Money Magazine
Time Inc.
90
(Copyright 2003)


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01:18 am - A contract on Saddam

Another nice article from Money magazine:

A contract on Saddam
Think the Iraqi leader's future isn't bright? Have we got an "investment" for you.
January 17, 2003: 6:27 PM EST
By Justin Lahart, CNN/Money Staff Writer

http://money.cnn.com/2003/01/14/markets/saddam/index.htm

NEW YORK (CNN/Money) - Stocks didn't take kindly to news Thursday that U.N. weapons inspectors in Iraq had found empty chemical warheads in "excellent condition."

The market, which had traded in the green for much of the morning slipped decidedly into the red in the afternoon as investors worried about the possibility of impending war.

But other markets showed an opposite reaction to the news. Gold, a traditional safe haven during times of trouble, rose to its highest level in six years. Oil rose to its best level on the New York Mercantile Exchange since Nov. 2000. And Saddam futures for March delivery, which had been posting declines in recent sessions, spiked nearly 50 percent higher, to 44 from 30.

Yes, Saddam futures -- a futures contract based on the notion that the Iraqi leader doesn't have much of one. You think Saddam Hussein will be out as his country's president by Mar. 31, you can buy a March contract. If you think he'll hang on a bit longer, you can buy the pricier June contract.

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04:21 pm - Gambling for the Good, Trading for the Future

http://www.tomwbell.com/writings.html#gambling

Gambling for the Good, Trading for the Future:
The Legality of Markets in Science Claims
Tom W. Bell*
4 CHAPMAN L. REV. __ (2002) (forthcoming; draft v. 2002.04.23)

I. Introduction
Good ideas do not always lead to legal acts. Setting up a market in science claims,1 for
instance, certainly sounds like a good idea. Such a market could effectively open a shortcut to the future, giving us the means to answer crucial scientific questions more quickly, accurately, and cheaply than we can at present. Notwithstanding their salient benefits, however, U.S. law does not clearly approve of markets in science claims. They do not fit neatly into any category created by common law, statute, or regulation, and their legal status remains untested by the courts. This article aims to dispel some of the legal uncertainty surrounding markets in science claims and thus to help chart a path toward their implementation.2
* Associate Professor, Chapman University School of Law. B.A., with Honors, University of Kansas; M.A., University of Southern California; J.D., University of Chicago. I thank Robin Hanson, Ken Kittlitz, Denis Binder, and Stuart Benjamin for commenting on drafts of the paper; Carl A. Royal, esq., for sharing his knowledge of commodity futures law; and Donna G. Matias for editorial comments. Copyright 2001, Tom W. Bell. All rights reserved.

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04:24 pm - Wanna bet?

http://hanson.gmu.edu/natureNov02.pdf

NATURE|VOL 420 | 28 NOVEMBER 2002|www.nature.com/nature

Stephen was 33 when he made his first
bet — an innocent wager with a
colleague, just a token prize and
professional pride at stake. It was not to be
his last. Stephen’s career went from strength
to strength, but he continued to place
wagers. When it comes to making a point
about science, Stephen Hawking is a compulsive
gambler.

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04:49 pm - Simon Market

Tom Bell is looking for help to start Simon Market, a real-money idea futures market named for the late economist Julian Simon. Why should you support the development of the Simon Market? Read Julian Giles article Wanna Bet?in the November 28, 2002 edition of Nature.

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