Limits to Arbitrage and Prediction Market Efficiency: the Case of PredictIt -- by Eric Zitzewitz

I would like to thank PredictIt for sharing some of the data used in this paper and for making other data available via its API or website, as part of its mission to support academic research. Thanks also to Charles Manski, Lionel Page and Justin Wolfers for helpful comments. I have traded on PredictIt, but have no other financial relationship with them. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.