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Prediction Markets: A New Tool for Strategic Decision Making

By:

Borison Adam

Material type: Article

ArticleLanguage: ENG Series: ; 52Publication details: Summer 2010 0Edition: 4Description: 125-141 PpSubject(s):

Decision Making

DDC classification:

Online resources:

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Summary: In this article, the authors discuss the uncertainty that exists in making many important strategic decisions in both the the private and public sectors. The article cites the examples of Toyota Corp.'s decision to produce the Prius automobile and the decision to invade Iraq in 2003 because of suspected weapons of mass destruction. The article discusses the ways decisions are made and examines an emerging tool called "prediction markets" that is being used to improve the current practices for assessing judgmental uncertainties in strategic decisions. The article also explains the process of probability encoding that is used in assessing judgmental uncertainty.

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Item type	Current library	Call number	Status	Date due	Barcode
Articles	Main Library	Bor (Browse shelf(Opens below))	Available		AR11737

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In this article, the authors discuss the uncertainty that exists in making many important strategic decisions in both the the private and public sectors. The article cites the examples of Toyota Corp.'s decision to produce the Prius automobile and the decision to invade Iraq in 2003 because of suspected weapons of mass destruction. The article discusses the ways decisions are made and examines an emerging tool called "prediction markets" that is being used to improve the current practices for assessing judgmental uncertainties in strategic decisions. The article also explains the process of probability encoding that is used in assessing judgmental uncertainty.

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