Corporate Prediction Markets for Innovation Management

Christian Franz Horn () and Björn Sven Ivens
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Christian Franz Horn: Otto-Friedrich-University Bamberg
Björn Sven Ivens: Otto-Friedrich-University Bamberg

A chapter in Adoption of Innovation, 2015, pp 11-23 from Springer

Abstract: Abstract This chapter summarizes latest developments concerning prediction markets used by corporations during the innovation process. Though not widely-known yet, prediction markets provide the double possibility of organizing dispersed knowledge efficiently and producing accurate forecasts. Many theoretical aspects of prediction markets and also various practical fields of using them (mainly politics and sports results) have been extensively investigated and discussed before by other authors. This chapter deals with the practical use of prediction markets in business and innovation-driven environments. Major fields in which prediction markets can be successfully used in the innovation process are idea creation, idea screening and filtering, concept evaluation, lead user identification, market success forecasting and pricing, demand forecasting, project management and the forecasting of changes in a competitive environment.

Keywords: Innovation Process; Preference Market; Innovation Management; Order Book; Public Market (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-319-14523-5_2

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DOI: 10.1007/978-3-319-14523-5_2

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