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Multiple choice

Some questions have more than two answers: “Who will be TIME’s Person of the Year?” Archery shows these as one question with a list of answers. Each answer is its own small Yes/No market: “Will it be this one?”

• You pick an answer and buy Yes if you think it wins, or No if you think it won’t. Each answer has its own price and its own buyers and sellers.
• Exactly one answer wins. Its Yes shares pay 1 each. Every other answer’s No shares pay 1 each. Most lists end with “Someone else”, so there is always an answer that fits.
• All answers open together. The question goes live only when every answer has backers on both sides, all at once. If that doesn’t happen in time, every backer gets their money back.
• One result for the whole question. The resolver proposes the winning answer with evidence. It can be challenged like any result. If nobody resolves it in time, it pays out as Invalid: 0.5 per share on every answer, Yes and No.

Chances come from each answer’s own trades, so they may not add up to exactly 100%.