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"Putting Your Money Where Your Mouth Is" - A Betting Platform for Better Prediction

Author

Listed:
  • Fang Fang

    (California State University at San Marcos)

  • Stinchcombe Maxwell

    (University of Texas at Austin)

  • Whinston Andrew

    (University of Texas at Austin)

Abstract

We designed a platform with a betting mechanism for eliciting costly, dispersed information of different quality. Our objective is to elicit both dispersed information and the precision of the information so as to efficiently weight dispersed information to produce reliable forecasts. After deciding to incur the costs to acquire information, participants will report their forecasts and decide the size of their bets to indicate precision. Our mechanism selects those with relatively precise information at lower costs. We also discuss the implementation issues of our mechanism and the implication to fulfil the task of crowd sourcing.

Suggested Citation

  • Fang Fang & Stinchcombe Maxwell & Whinston Andrew, 2007. ""Putting Your Money Where Your Mouth Is" - A Betting Platform for Better Prediction," Review of Network Economics, De Gruyter, vol. 6(2), pages 1-25, June.
    • Handle: RePEc:bpj:rneart:v:6:y:2007:i:2:n:8
    DOI: 10.2202/1446-9022.1118
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    Cited by:

    1. Jun, Jooyong & Yoon, Kyoung-Soo, 2012. "Reservation wage and optimal contract for experts," Economics Letters, Elsevier, vol. 117(3), pages 619-623.

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