Futures Markets Predicted Election Outcomes

Economists say political futures markets, in which people put money on those they think will win, tend to be an accurate crystal ball of what will happen on election night.Political futures traders don't buy goods. Instead, they buy "contracts" on election results. If they pick the winner, they get cash. One market by the UNIVERSITY OF IOWA has correctly forecast every presidential race since it opened in 1988. The newspaper is based in Pennsylvania.