A Primer on Prediction Markets

Joe Miles

Foresight: The International Journal of Applied Forecasting, 2008, issue 9, pages 33-35

Abstract: Prediction markets are being used to group individual opinions into collective judgment. Experimental prediction markets have improved on existing techniques for forecasting political elections and have been implemented in major corporations, such as Intel and Eli Lilly. Prediction markets have at least five advantages over other collective forecasting techniques: 1. Explicit incentives for accuracy, 2. Mitigation of bias, 3. Capture of untapped knowledge, 4. Reduction in meeting times, and 5. Dynamic updating of information. Copyright International Institute of Forecasters, 2008

Downloads: (external link)
http://www.forecasters.org/foresight/purchase.html

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Access Statistics for this article

More articles in Foresight: The International Journal of Applied Forecasting from International Institute of Forecasters
Contact information at EDIRC.
Series data maintained by Pam Stroud ().