Thoughts on the Theory and Practice of Speculative Markets qua Event Predictors

Essays in Philosophy 6 (1):26 (2005)
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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Karl Reinhard Kolmsee (2000). Philosophy at the Core of Economic Markets. Philosophy in the Contemporary World 7 (4):75-78.
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