A Primer on Prediction Markets

Joe Miles

Foresight: The International Journal of Applied Forecasting, 2008, issue 9, 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

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:for:ijafaa:y:2008:i:9:p:33-35

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