Government Markets

Decision markets will one day revolutionize governance, both public and private.

—Robin Hanson, professor, George Mason University

BAD GOVERNMENT DECISIONS at all levels are frequently blamed on some form of information failure. Either there is too little information about the consequences of the alternatives being considered, or decision makers are limited to information provided by staff researchers or lobbying groups. While it would never replace the deliberative process in a democracy, there are ways that markets might be used at every level of government to mitigate these problems. Where the market signaled an outcome dramatically different from that expected by staff people, the subject might be revisited.

At ...

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