Thoughts on the Theory and Practice of Speculative Markets qua Event Predictors
Essays in Philosophy 6 (1) (2005)
| Abstract | This paper analyzes the proposed use of combinatorial derivatives markets for event prediction, especially for catastrophic events such as terrorism, war, or political assasination. Following a presentation of the philosophical principles underlying these politico-economic tools, I examine case studies (U.S. DoD proposals) that evaluate their advantages and disadvantages in terms of both efficacy and moral considerations. I conclude that these markets are both fatally flawed due to internal conceptual contradictions and morally problematic. | |||||||||
| Keywords | philosophy of economics derivatives terrorism Hegel Bataille | |||||||||
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