Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/33384 
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dc.contributor.authorWolfers, Justinen
dc.contributor.authorZitzewitz, Ericen
dc.date.accessioned2006-06-30-
dc.date.accessioned2010-07-07T09:11:24Z-
dc.date.available2010-07-07T09:11:24Z-
dc.date.issued2006-
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x1991en
dc.subject.jelC53en
dc.subject.jelD8en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordprediction marketsen
dc.subject.keywordinformation marketsen
dc.subject.keywordinformation aggregationen
dc.subject.stwPrognoseen
dc.subject.stwSpekulationen
dc.subject.stwTermingeschäften
dc.subject.stwUSAen
dc.titlePrediction markets in theory and practice-
dc.type|aWorking Paperen
dc.identifier.ppn508947480en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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