From: Robert J. Bradbury (bradbury@aeiveos.com)
Date: Wed Aug 27 2003 - 04:49:58 MDT
On Wed, 27 Aug 2003, Robin Hanson wrote:
> If it smells to an ordinary person like morally-repugnant gambling,
> then it's illegal. Welcome to democracy.
Hmmmm... but then how do we "get away" with futures markets and
other forms of derivatives.
Looks to me like there is some "bias" against games where it
is agreed that the "public" *will* lose some fraction of the
time (e.g. gambling on slot machines, roulette, etc.), but
not where there may be some more sophisticated strategies
involved (e.g. what the yields will be on wheat, corn or
pork bellies).
R.
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