a16z Podcast - Prediction Markets and Beyond
发布时间:2024-12-02 11:00:00
原节目
以下是该内容的中文翻译:
播客节目“预测市场及未来”邀请了Sonal Chokshi、Alex Tabarrok(经济学教授)和Scott Kominers(A16Z Crypto的研究合伙人),探讨了预测市场的机制、应用和局限性,包括Web3和去中心化网络的作用。他们将预测市场定义为一种从不同来源汇总信息以预测结果的机制,通常比传统民意调查更准确。这些市场激励参与者“投入真金白银”,通过买卖与特定事件相关的资产来揭示他们的知识和信念。
Tabarrok强调,市场利用分散的知识,提供了一个价格反映集体理解的系统。他指出,预测市场往往与民意调查一样好甚至更好,因为如果市场之外的模型更好,那么就可以进行投注并将市场调整到位。Kominers进一步阐释了这一点,解释了个人预测和模型如何在市场中结合,根据概率估计驱动价格发现。这与哈耶克关于知识在社会中的作用的诺贝尔奖论文相呼应,该论文证明了市场在汇总和传播分散在数百万人之间的信息方面发挥的关键作用。
讨论涉及预测市场与赌博之间的区别,强调激励在引出信息方面的重要性。一旦人们形成自己的观点,市场规模就不那么重要了,但这可能会影响他们收集信息的动力。虽然预测市场对于生成数据非常有用,但其成功的一个主要方面是基于市场受到多少关注,以及有些人只是喜欢下注。发言者还讨论了预测市场中可能存在的操纵行为,尤其是在市场规模较小或外部因素影响参与者信念时。
他们深入探讨了领域专业知识的作用,指出虽然专业知识可能很有价值,但开放参与对于捕捉分散的见解至关重要。他们认为,像“投入真金白银”这样的激励措施可能比非专家的意见更有用。甚至可能导致以前没有想到过的领域专家出现。Kominers和Tabarrok探索了解决预测市场中有机需求不足的方法,例如用代币或声誉来激励参与。Kominers建议,同行预测机制(奖励对他人信念的准确估计)对于较小的人群可能有效。
他们讨论了“少火鸡”(few turkey)的概念,这是一种由预测市场决定政策的政府形式,这种情况在不久的将来不太可能实现。Tabarrok强调了预测市场的公共利益性质,并列举了其在预测科学论文复制和改善科学研究方面的应用。Kominers还讨论了公共信息和行为如何影响预测市场,并建议减缓交易速度或设计合同以隔离独立信号可以减轻羊群效应。
谈话转向了技术,特别是区块链在预测市场中的作用。虽然加密货币不一定是预测市场的关键,但它能够实现承诺、透明度和去中心化,尤其是在复杂的信息引出机制中。特别是,去中心化有助于促进信任、透明度和合同的准确解决。在解决合同问题时,通常使用多个来源。开源代码和可组合性也被强调为基于区块链的预测市场的优势。
至于应用方面,小组成员建议可以使用预测市场来确定组织何时应该更换首席执行官。还有一些当前信息聚合机制的领域可以应用于预测市场。Alex Tabarrok强调了人工智能参与预测市场的潜力,强调了区块链实现匿名参与的能力。发言者最后讨论了赌博和投机之间的区别。赌博是指没有办法影响输出的随机机会。而投机是带有知识的投资。Tabarrok主张预测市场合法化,认为这是一种有用的投机形式,可以改善决策并提供有价值的公共利益。
The podcast episode "Prediction Markets and Beyond" features Sonal Chokshi, Alex Tabarrok (Professor of Economics), and Scott Kominers (Research Partner at A16Z Crypto) discussing the mechanics, applications, and limitations of prediction markets, including the role of Web3 and decentralized networks. They define prediction markets as mechanisms for aggregating information from diverse sources to forecast outcomes, often proving more accurate than traditional polls. These markets incentivize participants to "put skin in the game," revealing their knowledge and beliefs through buying or selling assets tied to specific events.
Tabarrok emphasizes that markets leverage dispersed knowledge, offering a system where prices reflect collective understanding. He points out that prediction markets tend to be as good or better than polls because if a model outside the market was better, then one could go make bets and bring the market in line. Kominers further illustrates this, explaining how individual forecasts and models combine in the market, driving price discovery based on probability estimates. This echoes Hayek's Nobel Prize-winning paper on the use of knowledge in society, which demonstrates the crucial role of markets in aggregating and transmitting information dispersed among millions of individuals.
The discussion addresses the difference between prediction markets and gambling, emphasizing the importance of incentives in eliciting information. The size of the market matters less once people have formed their opinions, however it might affect their incentive to gather information. While prediction markets can be useful for generating data, a major aspect of its success is based on how much the market is followed and that some people just like to make bets. The speakers also discuss the potential for manipulation in prediction markets, particularly when markets are thin or when external factors influence participants' beliefs.
They delve into the role of domain expertise, noting that while specialized knowledge can be valuable, open participation is essential for capturing dispersed insights. They argue that having incentives like skin in the game can be more useful than non-expert opinions. It can even lead to previously unexpecting domain experts showing up. Kominers and Tabarrok explore ways to address a lack of organic demand in prediction markets, such as incentivizing participation with tokens or reputation. Kominers suggests that peer prediction mechanisms, which reward accurate estimates of others' beliefs, can be effective for smaller populations.
They discuss the concept of "few turkey," a form of government where policies are determined by prediction markets, which is something that is likely not possible in the near future. Tabarrok highlights the public good nature of prediction markets, citing their use in forecasting scientific paper replication and improving scientific research. Kominers also discusses how public information and behavior can impact predictions markets, suggesting that slowing down trade or designing contracts to isolate independent signals can mitigate herd behavior.
The conversation shifts to the role of technology, particularly blockchain, in prediction markets. While crypto isn't necessarily the key to prediction markets, it enables commitment, transparency, and decentralization, particularly in complex information elicitation mechanisms. Decentralization, in particular, helps facilitate trust, transparency, and accurate resolution of contracts. There are multiple sources that are commonly used when resolving contracts. Open-source code and composability are also highlighted as advantages of blockchain-based prediction markets.
As for applications, the panelists suggest that prediction markets could be used to determine when an organization should remove the CEO. There are also some other areas of current information aggregation mechanisms that could be applied to prediction markets. Alex Tabarrok highlights the potential for AI participation in prediction markets, emphasizing blockchain's ability to enable anonymous participation. The speakers conclude by addressing the difference between gambling and speculation. Gambling refers to stochastic opportunities where there are no ways to influence the output. While speculating is an investment with knowledge. Tabarrok argues for the legalization of prediction markets as a useful form of speculation that can improve decision-making and provide a valuable public good.