Home   >   CSC-OpenAccess Library   >    Manuscript Information
Using Information Aggregation Markets for Decision Support
Patrick Buckley
Pages - 133 - 143     |    Revised - 15-05-2012     |    Published - 20-06-2012
Volume - 3   Issue - 3    |    Publication Date - June 2012  Table of Contents
MORE INFORMATION
KEYWORDS
Information Aggregation Markets, Decision Making, Decision Support Systems
ABSTRACT
Information Aggregation Markets, often referred to as prediction markets, are markets that are designed to aggregate information from a disparate pool of human individuals to make predictions about the likely outcome of future uncertain events. This paper looks at how Information Aggregation Markets can be incorporated into the standard body of decision making theory. It examines how Information Aggregation Markets can be used as decision support systems, and provides empirical evidence from a wide variety of sources as to the effectiveness and practicality of Information Aggregation Markets. Finally, this paper details some future research questions to be addressed in the area of Information Aggregation Markets.
CITED BY (4)  
1 Cristofaro, M., Giardino, P. L., & Leoni, L. (2021). Back to the Future: A Review and Editorial Agenda of the International Journal of Business Research and Management. International Journal of Business Research and Management (IJBRM), 12(1), 16-33.
2 Lord, S. R. (2019). Decisional Influence in Voters for Criminal Justice Practices (Doctoral dissertation, Ashford University).
3 Khasawneh, R., & Abu-Shanab, E. (2013). Factors Influencing Group Decision Making Performance in a GSS Enabled Environment. Computer Science and Information Technology, 1(2), 145-152.
4 Ossadnik, W., Kaspar, R. H., & Schinke, S. M. (2013). Constructing a Tailor-made Performance Management System Supported by Knowledge Elicitation Tools and Dynamic Modeling.
1 Google Scholar 
2 CiteSeerX 
3 refSeek 
4 Scribd 
5 SlideShare 
6 PdfSR 
Armstrong, J. Principles of Forecasting: Kluwer Academic Publishers, 2001.
B.G. Malkiel. "Reflections on the Efficient Market Hypothesis: 30 Years Later." Financial Review, vol. 40, no. 1, 1-9, 2005.
D. Ellis and B Fisher. Small Group Decision Making: Communication and the Group Process: New York: McGraw-Hill, 1994.
D. Passmore and R. M. Baker. "Market-Based Information for Decision Support in Human Resource Development." Human Resource Development Review, vol 4, no. 1, 33-48, 2005:
D.K. Begg and H.Stanley-Fischer. Economics. 8th ed ed. Maidenhead: McGraw-Hill Education, 2005.
E. Servan-Schreiber and J. Wolfers."Prediction Markets: Does Money Matter?" Electronic Markets , vol 14, no. 3, 243-51, 2004.
F.A. Hayek. "The Use of Knowledge in Society." American Economic Review, vol 35, no. 4, 519-530, 1945.
G. Boyle and S. Videbeck. "A Primer on Information Markets." ISCR, University of Wellington, 2005.
G. Tziralis and I. Tatsiopoulos. "Prediction Markets: An Extended Literature Review." The Journal of Prediction Markets, vol. 1, no. 1, 75-91, 2007.
H. Linstone. Decision Making for Technology Executives: Artech House, 1999.
H.A. Simon. Administrative Behavior : A Study of Decision-Making Processes in Administrative Organization. 3d / ed. New York: Free Press, 1976.
Hitt, M, J Black, and Porter L. Management: Prentice Hall, 2005.
J. Berg and R. Forsythe, and T. Reitz. "What Makes Markets Predict Well? Evidence from the Iowa Electronic Market." Understanding Strategic Interaction: Essays in Honor of Reinhard Selten, 1996
J. Berg and R. Forsythe, and T. Rietz. "The Iowa Electronic Market." D.Paxson and D. Wood (eds), Blackwell Encyclopedic Dictionary of Finance (Blackwell, Oxford UK), 1997.
J. Black and B. Gregersen. "Participative Decision-Making: An Integration of Multiple Dimensions." Human Relations, vol. 50, no. 7, 859-878, 1997.
J. Wolfers and E. Zitzewitz. "Prediction Markets." Journal of Economic Perspectives, vol. 18, no. 2, 107-126, 2004.
J.G. March and H.A. Simon. Organizations. 2nd ed ed. Oxford: Blackwell, 1993.
K-Y. Chen and R. Fine. "Predicting the Future." Information Systems Frontiers, vol. 5, no. 1, 47-61, 2003.
K. Chen and C. Plott. "Information Aggregation Mechanisms: Concept, Desing and Implementation for a Sales Forecasting Problem"." Division of the Humanities and Social Sciences, California Institute of Technology, Social Science Working Paper No.1131, 2002.
M Spann and B. Skiera. "Internet-Based Virtual Stock Markets for Business Forecasting." Management Science, vol. 49, no. 10, 1310-26, 2003.
M. Bazerman and D. Chugh. "Decisions without Blinders." Harvard Business Review, 88- 97, 2006.
M. Bazerman and D. Chugh. Bounded Awareness: Focusing Failures in Negotiation: SSRN, 2004.
M. Shaw. Group Dynamics: The Psychology of Small Group Behaviour. 3rd ed: McGraw- Hill, 1976.
R. Hanson. "Impolite Innovation: The Technology and Politics Of "Terrorisms Futures" And Other Decision Markets." E Patashnik and A Gerber Ed. Promting the General Welfare: American Democracy and the Political Economy of Governement Performance. Washington D.C. Brooking Institution Press 2006.
R.W. Hahn and P. C. Tetlock. "Using Information Markets to Improve Public Decision Making." Harvard Journal of Law & Public Policy, vol. 29, no. 1, 213-89, 2005:
S. Tiernan and M. Morley. Modern Management: Gill & McMillan, 2006.
U. Neisser. "The Concept of Intelligence." Intelligence, vol. 3, no. 3, 217-227, 1979.
Dr. Patrick Buckley
University of Limerick - Ireland
Patrick.Buckley@ul.ie


CREATE AUTHOR ACCOUNT
 
LAUNCH YOUR SPECIAL ISSUE
View all special issues >>
 
PUBLICATION VIDEOS