no-trade theorems, which say (under idealized assumptions) that even if you could trade in a betting market, you wouldn’t, because the fact that someone is willing to take your bet is prima facie evidence that his contrary information is as good as yours.
[Continued!]
no-trade theorems, which say (under idealized assumptions) that even if you could trade in a betting market, you wouldn’t, because the fact that someone is willing to take your bet is prima facie evidence that his contrary information is as good as yours.