Prediction markets: the wisdom of the crowd
A prediction market makes use of the collective wisdom of its contributors to produce answers to uncertain questions. It is organised in the form of a stock market, with virtual money to stimulate participation. Participants – or ‘traders’ – can earn virtual money by choosing answers that are close to the final outcome. This outcome is either a factual conclusion, or the average response to the question. Beneath the question and answer section, participants have the opportunity to write comments or start a discussion with the community. Read more…
