Prediction Markets
Posted Monday, April 14, 10:12PMProfessor Weigend briefly described prediction markets in class today. Specifically, he mentioned that if proper incentives are employed, people do an excellent job at predicting future events. Here is a recent article from Scientific American that talks about the Iowa Prediction Market and its success at predicting election outcomes over the last 15 years.
http://www.sciam.com/article.cfm?id=markets-predict-outcome-better-than-polls
There is a company called predictify in San Francisco Bay Area. They came to the spring career fair last week. I thought their business model is pretty interesting. Hopefully, professor will invite them to give use a talk.
Collective intelligience is great, don't you think so?
Here is a link to their company's site:
http://www.predictify.com/