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dc.contributor.authorWolfers, Justinen_US
dc.contributor.authorZitzewitz, Ericen_US
dc.date.accessioned2006-06-30en_US
dc.date.accessioned2010-07-07T09:11:24Z-
dc.date.available2010-07-07T09:11:24Z-
dc.date.issued2006en_US
dc.identifier.urihttp://hdl.handle.net/10419/33384-
dc.description.abstractPrediction Markets, sometimes referred to as information markets, idea futures or event futures, are markets where participants trade contracts whose payoffs are tied to a future event, thereby yielding prices that can be interpreted as market-aggregated forecasts. This article summarizes the recent literature on prediction markets, highlighting both theoretical contributions that emphasize the possibility that these markets efficiently aggregate disperse information, and the lessons from empirical applications which show that market-generated forecasts typically outperform most moderately sophisticated benchmarks. Along the way, we highlight areas ripe for future research.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesIZA Discussion Papers 1991en_US
dc.subject.jelC53en_US
dc.subject.jelD8en_US
dc.subject.jelG14en_US
dc.subject.ddc330en_US
dc.subject.keywordprediction marketsen_US
dc.subject.keywordinformation marketsen_US
dc.subject.keywordinformation aggregationen_US
dc.subject.stwPrognoseen_US
dc.subject.stwSpekulationen_US
dc.subject.stwTermingeschäften_US
dc.subject.stwUSAen_US
dc.titlePrediction markets in theory and practiceen_US
dc.typeWorking Paperen_US
dc.identifier.ppn508947480en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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