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dc.contributor.authorSnowberg, Eriken_US
dc.contributor.authorWolfers, Justinen_US
dc.contributor.authorZitzewitz, Ericen_US
dc.date.accessioned2012-07-31en_US
dc.date.accessioned2012-09-14T11:07:06Z-
dc.date.available2012-09-14T11:07:06Z-
dc.date.issued2012en_US
dc.identifier.urihttp://hdl.handle.net/10419/62505-
dc.description.abstractPrediction markets - markets used to forecast future events - have been used to accurately forecast the outcome of political contests, sporting events, and, occasionally, economic outcomes. This chapter summarizes the latest research on prediction markets in order to further their utilization by economic forecasters. We show that prediction markets have a number of attractive features: they quickly incorporate new information, are largely efficient, and impervious to manipulation. Moreover, markets generally exhibit lower statistical errors than professional forecasters and polls. Finally, we show how markets can be used to both uncover the economic model behind forecasts, as well as test existing economic models.en_US
dc.language.isoengen_US
dc.publisherIZA Bonnen_US
dc.relation.ispartofseriesDiscussion Paper series, Forschungsinstitut zur Zukunft der Arbeit 6720en_US
dc.subject.jelC5en_US
dc.subject.jelG14en_US
dc.subject.ddc330en_US
dc.subject.keywordprediction marketsen_US
dc.subject.keywordforecastingen_US
dc.subject.stwWirtschaftsprognoseen_US
dc.subject.stwPrognoseverfahrenen_US
dc.subject.stwBörsenspielen_US
dc.subject.stwTheorieen_US
dc.titlePrediction markets for economic forecastingen_US
dc.typeWorking Paperen_US
dc.identifier.ppn720425751en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:IZA Discussion Papers, Forschungsinstitut zur Zukunft der Arbeit (IZA)

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