Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168845
Authors: 
Gangur, Mikuláš
Plevný, Miroslav
Year of Publication: 
2014
Citation: 
[Journal:] Amfiteatru Economic Journal [ISSN:] 2247-9104 [Volume:] 16 [Year:] 2014 [Issue:] 36 [Pages:] 578-593
Abstract: 
Electronic virtual markets can serve as an alternative tool for collecting information that is spread among numerous experts. This is the principal market functionality from the operators’ point of view. On the other hand it is profits that are the main interest of the market participants. What they expect from the market is liquidity as high as possible and the opportunity for unrestricted trading. Both the operator and the electronic market participant can be considered consumers of this particular market with reference to the requirements for the accuracy of its outputs but also for the market liquidity. Both the above mentioned groups of consumers (the operators and the participants themselves) expect protection of their specific consumer rights, i.e. securing the two above mentioned functionalities of the market. These functionalities of the electronic market are, however, influenced by many factors, among others by participants’ activity. The article deals with the motivation tools that may improve the quality of the prediction market. In the prediction electronic virtual market there may be situations in which the commonly used tools for increasing business activities described in the published literature are not significantly effective. For such situations we suggest a new type of motivation incentive consisting in penalizing the individual market participants whose funds are not placed in the market. The functionality of the proposed motivation incentive is presented on the example of the existing data gained from the electronic virtual prediction market which is actively operated.
Subjects: 
virtual market
prediction market
consumer rights protection
motivation tools
incentive system
inflation
information collection
JEL: 
C13
C83
O30
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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