Marginal Revolution: Markets in everything: Virtual sweatshops

  • . Recent Posts Our Web Pages Email Us Our Guests June S M T W Th F St 18 19 20 21 22 23 24 25 26 27 28 29 30 Google Search Blogs We Like Resources Interesting People and Sites | Markets in everything: Virtual sweatshops We've known for some time that online games have spawned markets where virtual assets go for real dollars.

    Journal of Internet Banking and Commerce
  • . The idea is that consumer's ability to purchase on-line, their motivation to do so, and having a reasonable opportunity to access on-line markets, are determinants of actual on-line buying.
  • . Markets in the physical world generally know how many (and which) customers they have.
  • . Overall, consumer opportunity to use on-line channels, and their ability to do so, increase as electronic commerce (with its associated electronic markets and sales channels) becomes more common place.
  • . The key for organizations competing in an environment where on-line markets are available is attracting (motivating) consumers to access their on-line presence (Internet and/or Web) to increase the likelihood that they will buy.

    Truck and Barter: Electronic markets Archives
  • Where Sympathy and Hedonism Collide January 31, 2006 Prediction Markets in Everything: Superbowl Edition By Ian Wondering who's gonna win this year's Superbowl? Just ask eBay.
  • . (NOTE: Donations will also be accepted in allotments of soda to stave off problems relating to low caffeine supplies for Ian.) Posted at | January 13, 2006 Prediction Markets in Everything By Ian Here's an interesting new online market: .
  • . Posted at | August 11, 2004 I know which I'd put my money on By Ian Which is the better predictor of election outcomes: polls or futures markets? The NYT has an between the two regarding the possibility of a second Bush term.
  • . Markets are just second worst of the two.

    Opinions on prediction markets - 2004
  • . Strumpf | Donald Luskin | Thomas Rietz | Iowa Electronic Markets | Justin Wolfers | Eric Zitzewitz | BetFair | Daniel Gross | Barry Ritholtz | David M.
  • . - by Mamouda Mbemap - ~ - [TradeSports | Iowa Electronic Markets | Justin Wolfers] - by Daniel Davies - ~ - Officials and experts talk about what should come next for homeland security.
  • . - Prediction markets are brutally honest and uncannily accurate.
  • . - [Iowa Electronic Markets | TradeSports/InTrade | BetFair] - by Fortune's Geoffrey Colvin - ( - ) - ~ - by Mark Cuban - ~ - [HedgeStreet] - ~ - [TradeSports] - by Art Hutchinson - ~ - [TradeSports] - by 's George Passantino - ~ - [TradeSports] - by Donald Luskin - ~ - by Peter McCluskey - ~ - Political futures markets claim they're more accurate than opinion polls.
  • . - [TradeSports | Iowa Electronic Markets] -- Right now the election betting market makes George W.
  • . -- by Donald Luskin - ~ - [Iowa Electronic Markets | Thomas Rietz] -- As of Thursday morning, Bush led Kerry by about four percentage points in the IEM's Presidential Vote Share market, which represents a bet on the percentage of the popular vote each candidate will receive.


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    Electronic Markets
  • NetAcademy on Electronic Markets hosted by =mcm institute St.
  • . Gallen Research community Research content Electronic Markets - The International Journal all issues Issue: Electronic Markets - The International Journal Vol.
  • . 4 - Electronic Markets and Supply Chains We are happy to present you a new issue of EM - Electronic Markets.
  • . The focus theme section of this issue is concentrating on ‘Electronic Markets and Supply Chains’ and was guest ...
  • . Issue: Electronic Markets - The International Journal Vol.
  • . 3 - Innovative Auction Markets The Internet and new information technologies have enabled the development and widespread deployment of electronic auction markets within and across organizations.
  • . Some innovative applications of auction markets include: Reverse and multi-dimensional auctions for procurement Using auction markets for liquidating excess inventory (e.g the use of eBay) Using auctions for prediction and information aggregation (as in the Iowa electronic markets, Hollywood Stock Exchange, ...

    Idea Futures - The Concept
  • . Prediction Markets, ) by Robin Hanson (This is my top web page on idea futures.
  • . Instead, let us create betting markets on most controversial questions, and treat the current market odds as our best expert consensus.
  • . Recently other play-money markets have appeared, such as , , , and .
  • . (I have no relation with or stake in any of these ventures.) I think the odds in these markets are often too optimistic, but they do pretty well considering, and a real money market would do much better.
  • . (Another web market, Java Idea Futures, isn't really an Idea Future in the above sense; they trade perhaps-not-yet-written Java Applets.) Other Demonstrations Real money political markets, such as Iowa Electronic Markets and , predict election outcomes better than opinion polls.
  • . But they require expensive review, require you to set up a physical pit for trading there, and are sure that there is no point to markets where there is not substantial hedging demand.
  • . citizens using the web to bet in these foreign markets.

    @IOWA - February 2004
  • . Berg, Rietz Say IEM Could Help Identify Best Candidates As it comes time to select a nominee for president, the Democratic Party could use prediction markets such as the Iowa Electronic Markets (IEM) to help it decide which candidate has the best chance of defeating George W.
  • . Iowa Electronic Markets: New University of Iowa Provost Has Iowa Roots A scholar with two advanced degrees from the University of Iowa is returning to become the UI's chief academic officer.

    Effect of the Internet on Financial Markets
  • Effect of the Internet on Financial Markets Hal R.
  • . Varian School of Information Management and Systems University of California, Berkeley September 1998 I review some academic work on electronic markets in an effort to provide some guidance about future evolution of ``cybermarkets'' in the real world.
  • . However, the most innovative uses of IT are likely to take place in securities markets.
  • . The next wave of innovation is likely to be actual online trading, via cybermarkets.
  • . (1998) , Barboza (1998) ) My goal in this paper is to speculate a bit about what will happen to financial markets as they evolve into cybermarkets.
  • . I will draw on the economics literature in making these prognostications, since there is a surprisingly old literature on Internet-based markets.
  • . As the Internet developed, more adventuresome users began to experiment with exotic markets of one form or another, offering some interesting lessons for future deployment of ``real'' markets.
  • . Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.'' This is as true for the cybermarkets of the 90s as it was for Keynes's world of the 30s.

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    CARD - Iowa Ag Review - Overcoming Information Barriers in Cattle Marketing
  • . >> Overcoming Information Barriers in Cattle Marketing Editor's Note: This article is adapted from a CARD briefing paper, "Quality Management and Information Transmission in Cattle Markets: A Case Study of the Chariton Valley Beef Alliance." The full text of the briefing paper is available at .
  • . Whether vertical coordination of the kind observed in pork and poultry markets is necessary for further improvement in beef quality is a question that beef industry participants currently are trying to sort out.
  • . Cattle Markets and Information Transmission The production process for beef cattle is typically characterized in terms of a number of distinct stages starting with genetic selection and breeding, then rearing and weaning, and finally fattening to market weight ("finishing") and slaughter.
  • . Specialization in cattle markets to some extent mirrors each of these stages: seedstock firms control genetic selection and breed development; ranchers manage cow and calf herds and raise young calves through the weaning stage; feeders raise animals from weaning to market weight; and packers slaughter and process live animals.

    Trading the Oscars - Mar. 11, 2003
  • . Why the fuss? It turns out that, while not perfect, even markets that use fake money can give real insight into what lies in the future.
  • . First, markets are self-selecting.
  • . Iowa has developed something called the Iowa Electronic Markets, an all-or-nothing futures market where academics use real cash to trade on events.
  • . It's best known for its political futures markets, which are widely watched by Washington types and have given good reads on election odds, but lately it's also offered an occasional movie future.
  • . "When people are using real money, they have a motivation to be right versus a motivation to express their opinion." The day when movie markets are played more seriously may be coming.
  • . So studios could use Oscar markets as a hedge against losing.
  • . --* • • • • • • • • • • • • • • • • • • • • • • • * : Time reflects local markets trading time.

    Economics focus | Guessing games |
  • Quick jump navigation SEARCH Content to search RESEARCH TOOLS ONLINE FEATURES Cities Guide Country Briefings Audio Interviews Classifieds Quick jump navigation DELIVERY OPTIONS Advertisement Finance & Economics Economics focus Guessing games Nov 18th 2004 From The Economist print edition Economists and policymakers are just beginning to understand the use of information markets TALK is cheap, but money speaks the truth.
  • . That might be the credo behind the recent, rapid rise in the use of novel markets to forecast everything from political events to business successes and failures.
  • . These and other markets have in recent years been used to forecast almost everything from the fate of Saddam Hussein to the outcome of celebrity trials and the box-office takings of films on their opening weekends.
  • . Markets like these, which are intended to elicit punters' best collective guess about the outcome of some future event, are known as information, prediction or decision markets.

    American Marketing Association -
  • . Leveraging Patient Data In Market Simulation Modeling Haro Cumbusyan, Partner, Michael Allen Company Artak Harutunyan, Consultant, Michael Allen Company This presentation will focus on the challenges involved in using patient level data in building complex market simulation models aimed at capturing the dynamics of pharmaceutical markets.
  • . What Marketing Researchers Should Know About Prediction Markets Thomas S.
  • . Berg, Associate Professor of Accounting, Tippie College of Business, University of Iowa While there is a great deal of interest in using prediction markets for forecasting, there is little corresponding field research about why and how they work.
  • . We find that markets are very good at aggregating information from traders, however forecasting performance may depend on a critical characteristic of the information used by traders and their use in other domains, Consequently, many may not meet with the expected level of success.

  • IOWA ELECTRONIC MARKETS ? Futures markets may help predict business success or even the presidental election outcome

  • . "Uncertainty is bad, and as we have shown, the knowledge that the members of an organization have can be used to predict certain future outcomes more accurately." Even though some companies are dabbling with these markets internally, there might also be value in letting the public in on the action, as with the Iowa political markets.
  • . Direct-marketing firm Wunderman is trying to persuade its clients to set up prediction markets as a way of creating a useful online community around their products.
  • . Koichi Yamamoto, a senior manager there, thinks prediction markets will help improve forecasts of advertising demand and consumer trends.
  • . "The key value we see is that prediction markets have the potential to extract the best essence from group knowledge, as an alternative to majority decisions, " Yamamoto says.
  • . So might all this mean the end of corporate management as we know it in favor of a business world where prediction markets and not the suits will make the big calls? Bingham has his doubts. @CallCenter