Deciding with the Crowd Wisdom : An Overview of Issues Facing the Corporate Application of Prediction Markets

Authors(6) :-Henry Asante Antwi, Zhou Lulin, Ethel Asante Antwi, Basil Kusi, Tehzeeb Mustafa, Zinet Abdullai

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.

Authors and Affiliations

Henry Asante Antwi
School of Management, Jiangsu University, 301 Xuefu Road, Zhenjiang, Jiangsu, P.R. China and Institute of Medical Insurance and Healthcare Management, Jiangsu University, Zhenjiang, Jiangsu, P.R. China
Zhou Lulin
School of Management, Jiangsu University, 301 Xuefu Road, Zhenjiang, Jiangsu, P.R. China and Institute of Medical Insurance and Healthcare Management, Jiangsu University, Zhenjiang, Jiangsu, P.R. China
Ethel Asante Antwi
School of Management, Jiangsu University, 301 Xuefu Road, Zhenjiang, Jiangsu, P.R. China amd School of Graduate Studies, Ghana Technology University, Private Mail Bag, Abeka-Accra, Ghana
Basil Kusi
School of Management, Jiangsu University, 301 Xuefu Road, Zhenjiang, Jiangsu, P.R. China
Tehzeeb Mustafa
School of Management, Jiangsu University, 301 Xuefu Road, Zhenjiang, Jiangsu, P.R. China and Institute of Medical Insurance and Healthcare Management, Jiangsu University, Zhenjiang, Jiangsu, P.R. China
Zinet Abdullai
School of Management, Jiangsu University, 301 Xuefu Road, Zhenjiang, Jiangsu, P.R. China

Prediction Markets , Decision Making Tools , Iowa Electronic Markets , Hollywood Stock Exchange , General Electric , Virtual Concept Testing , PAM

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Publication Details

Published in : Volume 2 | Issue 1 | January-February 2017
Date of Publication : 2017-02-28
License:  This work is licensed under a Creative Commons Attribution 4.0 International License.
Page(s) : 113-118
Manuscript Number : CSEIT172125
Publisher : Technoscience Academy

ISSN : 2456-3307

Cite This Article :

Henry Asante Antwi, Zhou Lulin, Ethel Asante Antwi, Basil Kusi, Tehzeeb Mustafa, Zinet Abdullai, "Deciding with the Crowd Wisdom : An Overview of Issues Facing the Corporate Application of Prediction Markets", International Journal of Scientific Research in Computer Science, Engineering and Information Technology (IJSRCSEIT), ISSN : 2456-3307, Volume 2, Issue 1, pp.113-118 , January-February.2017
URL : http://ijsrcseit.com/CSEIT172125

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