Prediction markets for crowdsourcing

Christian Horn, Marcel Bogers, Alexander Brem

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    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 languageEnglish
    Title of host publicationCreating and Capturing Value through Crowdsourcing
    EditorsChristopher L. Tucci, Allan Afuah, Gianluigi Viscusi
    PublisherOxford University Press
    Publication date2018
    Pages292-309
    ISBN (Print)9780198816225
    DOIs
    Publication statusPublished - 2018

    Keywords

    • Crowdsourcing
    • Internal crowdsourcing
    • Open innovation
    • Prediction markets
    • Virtual stock markets

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