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Methods to Elicit Forecasts from Groups: Delphi and Prediction Markets Compared

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Author Info
Kesten Green
J. Scott Armstrong
Andreas Graefe

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Abstract

The Delphi technique is better than traditional group meetings for forecasting and has some advantages over another promising alternative to meetings, prediction markets. In this article, Kesten, Scott, and Andreas observe the increasing popularity of Delphi, describe the benefits of using this method to obtain forecasts from experts, compare it with prediction markets, and conclude that Delphi should be used more widely. Copyright International Institute of Forecasters, 2007

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Article provided by International Institute of Forecasters in its journal Foresight: The International Journal of Applied Forecasting.

Volume (Year): (2007)
Issue (Month): 8 (Fall)
Pages: 17-20
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Handle: RePEc:for:ijafaa:y:2007:i:8:p:17-20

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  1. Kesten C. Green & J. Scott Armstrong, 2004. "Value of Expertise For Forecasting Decisions in Conflicts," Monash Econometrics and Business Statistics Working Papers 27/04, Monash University, Department of Econometrics and Business Statistics. [Downloadable!]
  2. Paul W. Rhode & Koleman S. Strumpf, 2004. "Historical Presidential Betting Markets," Journal of Economic Perspectives, American Economic Association, vol. 18(2), pages 127-142, Spring. [Downloadable!] (restricted)
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This page was last updated on 2008-7-16.


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