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You may never find a better explanation than this

Posted By: Chuck Bower
Date: Saturday, 3 November 2012, at 3:16 p.m.

In Response To: OT: Estimating win probability from multiple bookmakers' odds (Taper_Mike)

http://fivethirtyeight.blogs.nytimes.com/2012/11/03/nov-2-for-romney-to-win-state-polls-must-be-statistically-biased/#more-37099

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