Political Prediction Markets: A Better Way to Conduct Campaigns and Run Government

Authors

Andrew S. Goldberg, Benjamin N. Cardozo School of Law

Abstract

The note advocates for the federal government to create an exception to the Unlawful Internet Gambling Enforcement Act (UIGEA) specifically for political prediction markets and proposes that the Commodity Futures Trading Commission (CFTC) regulate these markets under the Commodity Exchange Act (CEA). It argues that political prediction markets, such as Intrade and the Iowa Electronic Markets (IEM), offer significant benefits, including improved information aggregation, accurate election predictions, and potential improvements in campaign strategy and policymaking. The note also highlights the potential for these markets to reduce corruption in campaign finance and provide individuals with a financial hedge against political outcomes.

Disciplines

Law | Law and Economics | Law and Politics | Torts

Recommended Citation

Andrew S. Goldberg, Political Prediction Markets: A Better Way to Conduct Campaigns and Run Government, 8 Cardozo Pub. L. Pol’y & Ethics J. 421 (2010).
Available at: https://larc.cardozo.yu.edu/cplpej/vol8/iss2/5