Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/62505 
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dc.contributor.authorSnowberg, Eriken
dc.contributor.authorWolfers, Justinen
dc.contributor.authorZitzewitz, Ericen
dc.date.accessioned2012-07-31-
dc.date.accessioned2012-09-14T11:07:06Z-
dc.date.available2012-09-14T11:07:06Z-
dc.date.issued2012-
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
dc.language.isoengen
dc.publisher|aInstitute for the Study of Labor (IZA) |cBonnen
dc.relation.ispartofseries|aIZA Discussion Papers |x6720en
dc.subject.jelC5en
dc.subject.jelG14en
dc.subject.ddc330en
dc.subject.keywordprediction marketsen
dc.subject.keywordforecastingen
dc.subject.stwWirtschaftsprognoseen
dc.subject.stwPrognoseverfahrenen
dc.subject.stwBörsenspielen
dc.subject.stwTheorieen
dc.titlePrediction markets for economic forecasting-
dc.typeWorking Paperen
dc.identifier.ppn720425751en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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