Google's Prediction Markets
From P-MART wiki
| Line 1: | Line 1: | ||
| - | The main objective of | + | The main objective of '''Google's Prediction Markets''' was to ''[[:Category:Predict|predict]]'' ''[[:Category:Business topics|corporate related]]'' events, while 30% of the markets were ''[[:Category:Current or recreation events|"fun"]]'' markets. The marketplace was set up internally within the ''[[:category:Corporate|corporation]]''. The average number of traders per market is not available, but roughly 1500 employees placed at least one trade over the first two years of its operation. The markets were open for a ''[[:Category:Long duration|long duration]]'' (a calendar quarter). The marketplace employed the ''[[:Category:Continuous Double Auction (CDA)|Continuous Double Auction (CDA)]]'' market model, and operated with ''[[:Category:Play-money|play-money]]'' (Goobles). The traders received ''[[:Category:Initial capital endowment|initial capital endowment]]'' and the final dividends were calculated based on a ''[[:Category:Winner-takes-all securities|winner-takes-all]]'' model. ''[[:Category:Off-platform interaction|Off-platform interaction]]'' was possible through casual meetings at company's premises. |
The markets were open to all employees and participation was ''[[:Category:Self-selected traders|self-selected]]''. In most cases the participants had ''[[:Category:No-stake in outcome|no stake]]'' in the outcome of the events and the information which was available to them was ''[[:Category:Incomplete information|incomplete]]''. ''[[:Category:Monetary reward|Monetary]]'' ''[[:Category:Gift reward|prizes]]'' were drawn from lottery tickets which were distributed to participants according to their ''[[:Category:Performance incentive|performance]]'', and trading in the markets attracted high ''[[:Category:Reputational reward|visibility]]'' in the company. | The markets were open to all employees and participation was ''[[:Category:Self-selected traders|self-selected]]''. In most cases the participants had ''[[:Category:No-stake in outcome|no stake]]'' in the outcome of the events and the information which was available to them was ''[[:Category:Incomplete information|incomplete]]''. ''[[:Category:Monetary reward|Monetary]]'' ''[[:Category:Gift reward|prizes]]'' were drawn from lottery tickets which were distributed to participants according to their ''[[:Category:Performance incentive|performance]]'', and trading in the markets attracted high ''[[:Category:Reputational reward|visibility]]'' in the company. | ||
| Line 8: | Line 8: | ||
Cowgill, B., Wolfers, J., & Zitzewitz, E. (2008). [http://www.bocowgill.com/GooglePredictionMarketPaper.pdf Using prediction markets to track information flows: Evidence from google]. ''Dartmouth College'' | Cowgill, B., Wolfers, J., & Zitzewitz, E. (2008). [http://www.bocowgill.com/GooglePredictionMarketPaper.pdf Using prediction markets to track information flows: Evidence from google]. ''Dartmouth College'' | ||
| - | [[Category:Business topics] | + | [[Category:Business topics]] |
[[Category:Continuous Double Auction (CDA)]] | [[Category:Continuous Double Auction (CDA)]] | ||
[[Category:Corporate]] | [[Category:Corporate]] | ||
| Line 15: | Line 15: | ||
[[Category:Incomplete information]] | [[Category:Incomplete information]] | ||
[[Category:Initial capital endowment]] | [[Category:Initial capital endowment]] | ||
| + | [[Category:Long duration]] | ||
[[Category:Markets]] | [[Category:Markets]] | ||
[[Category:Monetary reward]] | [[Category:Monetary reward]] | ||
