Prediction Markets: Fundamentals, Designs, and Applications by Stefan Luckner, Jan Schröder, Christian Slamka, Bernd PDF

By Stefan Luckner, Jan Schröder, Christian Slamka, Bernd Skiera, Martin Spann, Christof Weinhardt, Andreas Geyer-Schulz, Markus Franke

ISBN-10: 3834933589

ISBN-13: 9783834933584

Exact predictions are crucial in lots of components resembling company determination making, climate forecasting and expertise forecasting. Prediction markets aid to combination info and achieve a greater realizing of the long run by means of leveraging the knowledge of the crowds. buying and selling costs in prediction markets therefore mirror the investors’ aggregated expectancies at the final result of doubtful destiny occasions and will be used to foretell the possibility of those occasions. This booklet demonstrates that markets are actual predictors. effects from numerous empirical reports mentioned during this paintings express the significance of designing such markets accurately that allows you to derive precious predictions. hence, the findings are helpful for designing destiny prediction markets.

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This also explains why the average pre-game trading price is extremely low in case of the DV group. To analyze the correspondence between trading prices and outcome frequencies in more detail, the data was sorted into buckets by assigning all of the contracts to one of five price ranges according to their pre-game trading price. Figure 5 plots the relative frequency of outcome against the trading prices observed before the corresponding match started. 509) 20 20 40 60 80 100 Trading Price Prior to Match Figure 5: Market forecast probability and actual probability in the three treatments FP (fixed payment), RO (rank-order tournament), DV (deposit value) If the markets are efficient, a plot of trading prices vs.

102 For four out of five contracts under investigation, the proportion of traders who purchased a contract was higher among traders coming from the corresponding country compared to the remaining traders. Merely in case of the UK, the proportion of traders who purchased is a little higher among non-UK traders than among UK traders. The difference in the proportion of traders is statistically significant for the contracts of Germany, Switzerland, and the United States of America (Pearson's chi-square test, see last column of Table 7).

30 virtual currency units in case of performance-compatible incentive scheme. Due to the low trading prices in the DV treatment there is no triangle in the price range between 80 and 100 currency units of Figure 5. This lack might also explain why the prediction accuracy of the treatment with the rank-order tournament is higher. 65314. Still, the correlation coefficient is higher in the RO treatment without any need for normalization. This result also makes the interpretation of trading prices as probabilities much easier in the RO treatment.

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Prediction Markets: Fundamentals, Designs, and Applications by Stefan Luckner, Jan Schröder, Christian Slamka, Bernd Skiera, Martin Spann, Christof Weinhardt, Andreas Geyer-Schulz, Markus Franke

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