I think the justification is that people will be more honest/rational when betting their own money.
It’s probably less irrational than stock markets, since there’s a very clear time horizon people are betting on, and data like polls can be pretty good. But since they’re looking at essentially the same data as pundits, it’s unsurprising they tend to do about as well.
I think the justification is that people will be more honest/rational when betting their own money.
It’s probably less irrational than stock markets, since there’s a very clear time horizon people are betting on, and data like polls can be pretty good. But since they’re looking at essentially the same data as pundits, it’s unsurprising they tend to do about as well.