메뉴 건너뛰기




Volumn 63, Issue 3, 2017, Pages 691-706

Distilling the wisdom of crowds: Prediction markets vs. prediction polls

Author keywords

Belief elicitation; Crowdsourcing; Forecasting; Prediction markets

Indexed keywords

COMMERCE; CROWDSOURCING; SURVEYS;

EID: 85015207276     PISSN: 00251909     EISSN: 15265501     Source Type: Journal    
DOI: 10.1287/mnsc.2015.2374     Document Type: Article
Times cited : (138)

References (52)
  • 1
    • 0001917347 scopus 로고    scopus 로고
    • Combining forecasts
    • Armstrong JS, ed, Springer, New York
    • Armstrong S (2001) Combining forecasts. Armstrong JS, ed. Principles of Forecasting (Springer, New York), 417-439.
    • (2001) Principles of Forecasting , pp. 417-439
    • Armstrong, S.1
  • 3
    • 84901658129 scopus 로고    scopus 로고
    • Two reasons to make aggregated probability forecasts more extreme
    • Baron J, Mellers BA, Tetlock PE, Stone E, Ungar LH (2014) Two reasons to make aggregated probability forecasts more extreme. Decision Anal. 11(2):133-145.
    • (2014) Decision Anal. , vol.11 , Issue.2 , pp. 133-145
    • Baron, J.1    Mellers, B.A.2    Tetlock, P.E.3    Stone, E.4    Ungar, L.H.5
  • 4
    • 77957041389 scopus 로고    scopus 로고
    • Results from a dozen years of election futures markets research
    • Plott CR, Smith VL, eds, North-Holland, Amsterdam
    • Berg J, Forsythe R, Nelson F, Rietz T (2001) Results from a dozen years of election futures markets research. Plott CR, Smith VL, eds. Handbook of Experimental Economics Results, Vol. 1(North-Holland, Amsterdam), 742-751.
    • (2001) Handbook of Experimental Economics Results , vol.1 , pp. 742-751
    • Berg, J.1    Forsythe, R.2    Nelson, F.3    Rietz, T.4
  • 5
    • 0003010182 scopus 로고
    • Verification of forecasts expressed in terms of probability
    • Brier GW (1950) Verification of forecasts expressed in terms of probability. Monthly Weather Rev. 78(1):1-3.
    • (1950) Monthly Weather Rev. , vol.78 , Issue.1 , pp. 1-3
    • Brier, G.W.1
  • 6
    • 0033270827 scopus 로고    scopus 로고
    • The effects of financial incentives in experiments: A review and capital-labor-production framework
    • Camerer CF, Hogarth RM (1999) The effects of financial incentives in experiments: A review and capital-labor-production framework. J. Risk Uncertainty 19(1-3):7-42.
    • (1999) J. Risk Uncertainty , vol.19 , Issue.1-3 , pp. 7-42
    • Camerer, C.F.1    Hogarth, R.M.2
  • 7
    • 30044438408 scopus 로고    scopus 로고
    • Information markets vs. Opinion pools: An empirical comparison
    • Association for Computing Machinery, New York
    • Chen Y, Chu C, Mullen T, Pennock D (2005) Information markets vs. opinion pools: An empirical comparison. Proc. 6th ACM Conf. Electronic Commerce (Association for Computing Machinery, New York), 58-67.
    • (2005) Proc. 6th ACM Conf. Electronic Commerce , pp. 58-67
    • Chen, Y.1    Chu, C.2    Mullen, T.3    Pennock, D.4
  • 8
    • 84943809372 scopus 로고    scopus 로고
    • Corporate prediction markets: Evidence from Google, Ford, and Firm X
    • Cowgill B, Zitzewitz E (2015) Corporate prediction markets: Evidence from Google, Ford, and Firm X. Rev. Econom. Stud. 82(4):1309-1341.
    • (2015) Rev. Econom. Stud. , vol.82 , Issue.4 , pp. 1309-1341
    • Cowgill, B.1    Zitzewitz, E.2
  • 9
    • 0000480869 scopus 로고
    • Efficient capital markets: A review of theory and empirical work
    • Fama EF (1970) Efficient capital markets: A review of theory and empirical work. J. Finance 25(2):383-417.
    • (1970) J. Finance , vol.25 , Issue.2 , pp. 383-417
    • Fama, E.F.1
  • 12
    • 78149501001 scopus 로고    scopus 로고
    • Comparing face-to-face meetings, nominal groups, Delphi and prediction markets on an estimation task
    • Graefe A, Armstrong J (2011) Comparing face-to-face meetings, nominal groups, Delphi and prediction markets on an estimation task. Internat. J. Forecasting 27(1):183-195.
    • (2011) Internat. J. Forecasting , vol.27 , Issue.1 , pp. 183-195
    • Graefe, A.1    Armstrong, J.2
  • 13
    • 34447544226 scopus 로고    scopus 로고
    • Macroeconomic derivatives: An initial analysis of market-based macro forecasts, uncertainty, and risk
    • National Bureau of Economic Research, Cambridge, MA
    • Gürkaynak RS, Wolfers J (2006) Macroeconomic derivatives: An initial analysis of market-based macro forecasts, uncertainty, and risk. NBER Working Paper 11929, National Bureau of Economic Research, Cambridge, MA.
    • (2006) NBER Working Paper
    • Gürkaynak, R.S.1    Wolfers, J.2
  • 14
    • 0037258594 scopus 로고    scopus 로고
    • Combinatorial information market design
    • Hanson R (2003) Combinatorial information market design. Inform. Systems Frontiers 5(1):107-119.
    • (2003) Inform. Systems Frontiers , vol.5 , Issue.1 , pp. 107-119
    • Hanson, R.1
  • 15
    • 0001073135 scopus 로고
    • The use of knowledge in society
    • Hayek F (1945) The use of knowledge in society. Amer. Econom. Rev. 35(4):519-530.
    • (1945) Amer. Econom. Rev. , vol.35 , Issue.4 , pp. 519-530
    • Hayek, F.1
  • 16
    • 0034775013 scopus 로고    scopus 로고
    • Experimental practices in economics: A methodological challenge for psychologists?
    • Hertwig R, Ortmann A (2001) Experimental practices in economics: A methodological challenge for psychologists? Behav. Brain Sci. 24(3):383-403.
    • (2001) Behav. Brain Sci. , vol.24 , Issue.3 , pp. 383-403
    • Hertwig, R.1    Ortmann, A.2
  • 17
    • 38549144816 scopus 로고    scopus 로고
    • Probability elicitation, scoring rules, and competition among forecasters
    • Lichtendahl KC Jr, Winkler RL (2007) Probability elicitation, scoring rules, and competition among forecasters. Management Sci. 53(11):1745-1755.
    • (2007) Management Sci. , vol.53 , Issue.11 , pp. 1745-1755
    • Lichtendahl, K.C.1    Winkler, R.L.2
  • 18
    • 0040348529 scopus 로고    scopus 로고
    • Rational bias in macroeconomic forecasts
    • Laster D, Bennett P, Geoum IS (1999) Rational bias in macroeconomic forecasts. Quart. J. Econom. 114(1):293-318.
    • (1999) Quart. J. Econom. , vol.114 , Issue.1 , pp. 293-318
    • Laster, D.1    Bennett, P.2    Geoum, I.S.3
  • 19
    • 84878987815 scopus 로고    scopus 로고
    • Teams make you smarter: How exposure to teams improves individual decisions in probability and reasoning tasks
    • Maciejovsky B, Sutter M, Budescu D, Bernau P (2013) Teams make you smarter: How exposure to teams improves individual decisions in probability and reasoning tasks. Management Sci. 59(6):1255-1270.
    • (2013) Management Sci. , vol.59 , Issue.6 , pp. 1255-1270
    • Maciejovsky, B.1    Sutter, M.2    Budescu, D.3    Bernau, P.4
  • 21
    • 33646796020 scopus 로고    scopus 로고
    • Interpreting the predictions of prediction markets
    • Manski C (2006) Interpreting the predictions of prediction markets. Econom. Lett. 91(3):425-429.
    • (2006) Econom. Lett. , vol.91 , Issue.3 , pp. 425-429
    • Manski, C.1
  • 24
  • 26
    • 0000918735 scopus 로고
    • A new vector partition of the probability score
    • Murphy AH (1973) A new vector partition of the probability score. J. Appl. Meteorology 12(4):595-600.
    • (1973) J. Appl. Meteorology , vol.12 , Issue.4 , pp. 595-600
    • Murphy, A.H.1
  • 27
    • 84870155611 scopus 로고    scopus 로고
    • Information aggregation in dynamic markets with strategic traders
    • Ostrovsky M (2012) Information aggregation in dynamic markets with strategic traders. Econometrica 80(6):2595-2647.
    • (2012) Econometrica , vol.80 , Issue.6 , pp. 2595-2647
    • Ostrovsky, M.1
  • 28
    • 84876964729 scopus 로고    scopus 로고
    • Do prediction markets produce wellcalibrated probability forecasts?
    • Page L, Clemen RT (2012) Do prediction markets produce wellcalibrated probability forecasts? Econom. J. 123(568):491-513.
    • (2012) Econom. J. , vol.123 , Issue.568 , pp. 491-513
    • Page, L.1    Clemen, R.T.2
  • 32
    • 84878666515 scopus 로고    scopus 로고
    • Forecasting accuracy: Comparing prediction markets and surveys-An experimental study
    • Rieg R, Schoder R (2010) Forecasting accuracy: Comparing prediction markets and surveys-An experimental study. J. Prediction Markets 4(3):1-19.
    • (2010) J. Prediction Markets , vol.4 , Issue.3 , pp. 1-19
    • Rieg, R.1    Schoder, R.2
  • 33
    • 43349085881 scopus 로고    scopus 로고
    • Statistical tests of real-money versus play-money prediction markets
    • Rosenbloom ES, Notz W (2006) Statistical tests of real-money versus play-money prediction markets. Electronic Markets 16(1):63-69.
    • (2006) Electronic Markets , vol.16 , Issue.1 , pp. 63-69
    • Rosenbloom, E.S.1    Notz, W.2
  • 34
    • 76149091553 scopus 로고    scopus 로고
    • Forecasting elections: Comparing prediction markets, polls, and their biases
    • Rothschild D (2009) Forecasting elections: Comparing prediction markets, polls, and their biases. Public Opinion Quart. 73(5):895-916.
    • (2009) Public Opinion Quart. , vol.73 , Issue.5 , pp. 895-916
    • Rothschild, D.1
  • 36
    • 84903758799 scopus 로고    scopus 로고
    • Probability aggregation in time-series: Dynamic hierarchical modeling of sparse expert beliefs
    • Satopää VA, Jensen ST, Mellers BA, Tetlock PE, Ungar LH (2014a) Probability aggregation in time-series: Dynamic hierarchical modeling of sparse expert beliefs. Ann. Appl. Statist. 8(2):1256-1280.
    • (2014) Ann. Appl. Statist. , vol.8 , Issue.2 , pp. 1256-1280
    • Satopää, V.A.1    Jensen, S.T.2    Mellers, B.A.3    Tetlock, P.E.4    Ungar, L.H.5
  • 39
    • 84905826826 scopus 로고    scopus 로고
    • Prediction markets: Trading uncertainty for collective wisdom
    • Landemore H, Elster J, eds, Cambridge University Press, New York
    • Servan-Schreiber E (2012) Prediction markets: Trading uncertainty for collective wisdom. Landemore H, Elster J, eds. Collective Wisdom: Principles and Mechanisms (Cambridge University Press, New York).
    • (2012) Collective Wisdom: Principles and Mechanisms
    • Servan-Schreiber, E.1
  • 43
    • 77958486270 scopus 로고    scopus 로고
    • Explaining the favorite-long shot bias: Is it risk-love or misperceptions?
    • Snowberg E, Wolfers J (2010) Explaining the favorite-long shot bias: Is it risk-love or misperceptions? J. Political Econom. 118(4):723-746.
    • (2010) J. Political Econom. , vol.118 , Issue.4 , pp. 723-746
    • Snowberg, E.1    Wolfers, J.2
  • 44
    • 84880367366 scopus 로고    scopus 로고
    • How psychological framing affects economic market prices in the lab and field
    • Sonnemann U, Camerer C, Fox C, Langer T (2013) How psychological framing affects economic market prices in the lab and field. Proc. Natl. Acad. Sci. USA 110(29):11779-11784.
    • (2013) Proc. Natl. Acad. Sci. USA , vol.110 , Issue.29 , pp. 11779-11784
    • Sonnemann, U.1    Camerer, C.2    Fox, C.3    Langer, T.4
  • 45
    • 0242456012 scopus 로고    scopus 로고
    • Internet-based virtual stock markets for business forecasting
    • Spann M, Skiera B (2003) Internet-based virtual stock markets for business forecasting. Management Sci. 49(10):1310-1326.
    • (2003) Management Sci. , vol.49 , Issue.10 , pp. 1310-1326
    • Spann, M.1    Skiera, B.2
  • 49
    • 84905995856 scopus 로고    scopus 로고
    • Forecasting tournaments: Tools for increasing transparency and improving the quality of debate
    • Tetlock PE, Mellers BA, Rohrbaugh N, Chen E (2014) Forecasting tournaments: Tools for increasing transparency and improving the quality of debate. Current Directions Psych. Sci. 23(4):290-295.
    • (2014) Current Directions Psych. Sci. , vol.23 , Issue.4 , pp. 290-295
    • Tetlock, P.E.1    Mellers, B.A.2    Rohrbaugh, N.3    Chen, E.4
  • 50
    • 85015232400 scopus 로고    scopus 로고
    • Prediction markets: The collective knowledge of market participants
    • Wolfers J (2009) Prediction markets: The collective knowledge of market participants. CFA Institute Conf. Proc. Quart. 26(2):37-44.
    • (2009) CFA Institute Conf. Proc. Quart. , vol.26 , Issue.2 , pp. 37-44
    • Wolfers, J.1
  • 51
    • 33645928322 scopus 로고    scopus 로고
    • Interpreting prediction market prices as probabilities
    • National Bureau of Economic Research, Cambridge, MA
    • Wolfers J, Zitzewitz E (2006) Interpreting prediction market prices as probabilities. NBER Working Paper 12200, National Bureau of Economic Research, Cambridge, MA.
    • (2006) NBER Working Paper
    • Wolfers, J.1    Zitzewitz, E.2
  • 52
    • 16244401458 scopus 로고    scopus 로고
    • Regularization and variable selection via the elastic net
    • Zou H, Hastie T (2005) Regularization and variable selection via the elastic net. J. Royal Statist. Soc. 67(2):301-320.
    • (2005) J. Royal Statist. Soc. , vol.67 , Issue.2 , pp. 301-320
    • Zou, H.1    Hastie, T.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.