CROWD TECHNIQUES IN DECISION SCENARIOS

Dane Louis, Truff Anthony

Abstract


Prediction markets (PM) have emerged as a major tool for contemporary decision making tools within economic, financial and psychological literature. It is arguably one of the most efficient markets in history. Although applicable within financial markets, the principles of PM can also be applied within political frameworks, corporate environments public enterprise management. That is why since its discovery; other areas of human endeavour have applied prediction markets for organization-wide decision making with different outcomes and recommendations for improvement in prediction markets. This review examines the history of prediction markets, its ontology, epistemology and paradigm. It also examines the early applications of prediction market to institutional decision making and how early challenges have strengthened modern prediction markets. The key issues facing prediction market as a decision making tool is revisited in the last section before summarizing our findings and future research direction.

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