Handicapping the Hometown Boy

Iowans may love favorite son TOM HARKIN, but last week on the eve of their caucuses, some of his neighbors were trading Harkin futures at just 8 cents. THE UNIVERSITY OF IOWA has been operating a futures market in presidential prospects for students, faculty and staff. In the winner-take-all gamble, top share price is $1; the average investment is $15. Traders at about 20 other college campuses, including UCLA, Caltech, Northwestern and the University of Virginia, will soon be able to play. So far, the market seems to be a better barometer than opinion polls. In 1988, the day before the...

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