Prediction markets for crowdsourcing

Christian Horn; Marcel Bogers; Alexander Brem

doi:10.1093/oso/9780198816225.003.0012

Prediction markets for crowdsourcing

Christian Horn, Marcel Bogers, Alexander Brem

Section for Production, Markets and Policy

4 Citations (Scopus)

Abstract

Crowdsourcing is an increasingly important phenomenon that is fundamentally changing how companies create and capture value. There are still important questions with respect to how crowdsourcing works and can be applied in practice, especially in business practice. In this chapter, we focus on prediction markets as a mechanism and tool to tap into a crowd in the early stages of an innovation process. In line with the growing interest in open innovation, we also investigate the difference between using internal or external sources in the context of prediction markets. We apply one example of a prediction market, a virtual stock market, to open innovation through an online platform, and show that using mechanisms of internal crowdsourcing with prediction markets can outperform the use of external crowds under certain conditions.

Original language	English
Title of host publication	Creating and Capturing Value through Crowdsourcing
Editors	Christopher L. Tucci, Allan Afuah, Gianluigi Viscusi
Number of pages	18
Publisher	Oxford University Press
Publication date	2018
Pages	292-309
Chapter	12
ISBN (Electronic)	9780198816225
DOIs	https://doi.org/10.1093/oso/9780198816225.003.0012
Publication status	Published - 2018

Keywords

Crowdsourcing
Internal crowdsourcing
Open innovation
Prediction markets
Virtual stock markets

Access to Document

10.1093/oso/9780198816225.003.0012

Prediction Markets for CrowdsourcingFinal published version, 269 KB

Cite this

@inbook{54bbe0eed9e54ea39d8fc4f7caaaadcb,

title = "Prediction markets for crowdsourcing",

abstract = "Crowdsourcing is an increasingly important phenomenon that is fundamentally changing how companies create and capture value. There are still important questions with respect to how crowdsourcing works and can be applied in practice, especially in business practice. In this chapter, we focus on prediction markets as a mechanism and tool to tap into a crowd in the early stages of an innovation process. In line with the growing interest in open innovation, we also investigate the difference between using internal or external sources in the context of prediction markets. We apply one example of a prediction market, a virtual stock market, to open innovation through an online platform, and show that using mechanisms of internal crowdsourcing with prediction markets can outperform the use of external crowds under certain conditions.",

keywords = "Crowdsourcing, Internal crowdsourcing, Open innovation, Prediction markets, Virtual stock markets",

author = "Christian Horn and Marcel Bogers and Alexander Brem",

year = "2018",

doi = "10.1093/oso/9780198816225.003.0012",

language = "English",

pages = "292--309",

editor = "Tucci, {Christopher L. } and Afuah, {Allan } and Viscusi, {Gianluigi }",

booktitle = "Creating and Capturing Value through Crowdsourcing",

publisher = "Oxford University Press",

address = "United Kingdom",

}

TY - CHAP

T1 - Prediction markets for crowdsourcing

AU - Horn, Christian

AU - Bogers, Marcel

AU - Brem, Alexander

PY - 2018

Y1 - 2018

N2 - Crowdsourcing is an increasingly important phenomenon that is fundamentally changing how companies create and capture value. There are still important questions with respect to how crowdsourcing works and can be applied in practice, especially in business practice. In this chapter, we focus on prediction markets as a mechanism and tool to tap into a crowd in the early stages of an innovation process. In line with the growing interest in open innovation, we also investigate the difference between using internal or external sources in the context of prediction markets. We apply one example of a prediction market, a virtual stock market, to open innovation through an online platform, and show that using mechanisms of internal crowdsourcing with prediction markets can outperform the use of external crowds under certain conditions.

AB - Crowdsourcing is an increasingly important phenomenon that is fundamentally changing how companies create and capture value. There are still important questions with respect to how crowdsourcing works and can be applied in practice, especially in business practice. In this chapter, we focus on prediction markets as a mechanism and tool to tap into a crowd in the early stages of an innovation process. In line with the growing interest in open innovation, we also investigate the difference between using internal or external sources in the context of prediction markets. We apply one example of a prediction market, a virtual stock market, to open innovation through an online platform, and show that using mechanisms of internal crowdsourcing with prediction markets can outperform the use of external crowds under certain conditions.

KW - Crowdsourcing

KW - Internal crowdsourcing

KW - Open innovation

KW - Prediction markets

KW - Virtual stock markets

U2 - 10.1093/oso/9780198816225.003.0012

DO - 10.1093/oso/9780198816225.003.0012

M3 - Book chapter

AN - SCOPUS:85051611615

SP - 292

EP - 309

BT - Creating and Capturing Value through Crowdsourcing

A2 - Tucci, Christopher L.

A2 - Afuah, Allan

A2 - Viscusi, Gianluigi

PB - Oxford University Press

ER -

Prediction markets for crowdsourcing

Abstract

Keywords

Access to Document

Fingerprint

Cite this