edit: I'm also going back to my bayesian theory days and would be super interested to see a deep dive into whether these markets are rationally updating their beliefs in time. My recollection is super vague here, but I recall something like non-transitive belief loops can lead to dutch-books (so like Johnny Punter things that Trump will win an election against Biden, Biden would win against Ross Perot, and Ross Perot would win against Trump). I'd like to know more about whether these kinds of issues are showing up in these markets?