Welcome to the home of Noah Brier. I'm the co-founder of Variance and general internet tinkerer. Most of my writing these days is happening over at Why is this interesting?, a daily email full of interesting stuff. This site has been around since 2004. Feel free to get in touch. Good places to get started are my Framework of the Day posts or my favorite books and podcasts. Get in touch.

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How football explains economics

A group of economists in England used a football betting market to help them understand the speed markets digest information. They found it to be efficient, with betters reacting to goals immediately (which they showed by looking at bets after goals that happen right before before halftime and the resulting movement, or lack thereof, during the break). While they admit it’s not a perfect test, “Still, the old adage that one should buy on the rumour and sell on the news seems vindicated; new information is incorporated into prices too quickly to allow most traders the opportunity to profit.”

April 30, 2008