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Prediction Markets: Theory and Applications (Routledge International Studies in Money and Banking) by Leighton Vaughan Williams is a nonfiction available to read on EtoBox.

What is Prediction Markets: Theory and Applications (Routledge International Studies in Money and Banking) about?

How does one effectively aggregate disparate pieces of information that are spread among many different individuals? In other words, how does one best access the ‘wisdom of the crowd'? Prediction markets, which are essentially speculative markets created for the purpose of aggregating information and making predictions, offer the answer to this question. The effective use of these markets has the potential not only to help forecast future events on a national and international level, but also to assist companies, for example, in providing improved estimates of the potential market size for a new product idea or the launch date of new products and services. The markets have already been used to forecast uncertain outcomes ranging from influenza to the spread of infectious diseases, to the demand for hospital services, to the box office success of movies, climate change, vote shares and election outcomes, to the probability of meeting project deadlines. The insights gained also have many potentially valuable applications for public policy more generally. These markets offer substantial promise as a tool of information aggregation as well as forecasting, whether alone or as a suppleme

Who reads Prediction Markets: Theory and Applications (Routledge International Studies in Money and Banking)?

Author

Leighton Vaughan Williams

Publisher

New York, NY: Routledge

Published

2011

Language

EN

ISBN

9781283460750

Category

nonfiction

Subjects

Economics, Business, Sociology