Preference Markets for Innovation Ranking and Selection

Li Chen (), Paulo Goes (), Wynd Harris (), James Marsden () and John Zhang ()
Additional contact information
Li Chen: School of Business, University of Connecticut, Storrs, Connecticut 06269
Paulo Goes: Eller College of Management, University of Arizona, Tucson, Arizona 85721
Wynd Harris: School of Business, University of Connecticut, Storrs, Connecticut 06269
James Marsden: School of Business, University of Connecticut, Storrs, Connecticut 06269
John Zhang: School of Business, University of Connecticut, Storrs, Connecticut 06269

Interfaces, 2010, vol. 40, issue 2, 144-153

Abstract: Companies face constant challenges to appropriately rank and select innovative technologies for potential strategic investments, and they have used many methodologies to help them with this task; however, these existing processes have several limitations. This paper showcases how information preference markets can be structured and implemented to rank and select these technologies. We demonstrate the market process for a leading company in the Fortune 100 companies list. The results are encouraging and have persuaded the company to make a significant financial commitment to expand its use of preference markets. The work we present here offers readers a step-by-step illustration of how to develop and use preference markets in industry settings.

Keywords: information market; prediction market; preference ranking; preference aggregation; technology ranking; technology selection (search for similar items in EconPapers)
Date: 2010
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