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Corporate Prediction Markets for Innovation Management

In: Adoption of Innovation

Author

Listed:
  • Christian Franz Horn

    (Otto-Friedrich-University Bamberg)

  • Björn Sven Ivens

    (Otto-Friedrich-University Bamberg)

Abstract

This chapter summarizes latest developments concerning prediction markets used by corporations during the innovation process. Though not widely-known yet, prediction markets provide the double possibility of organizing dispersed knowledge efficiently and producing accurate forecasts. Many theoretical aspects of prediction markets and also various practical fields of using them (mainly politics and sports results) have been extensively investigated and discussed before by other authors. This chapter deals with the practical use of prediction markets in business and innovation-driven environments. Major fields in which prediction markets can be successfully used in the innovation process are idea creation, idea screening and filtering, concept evaluation, lead user identification, market success forecasting and pricing, demand forecasting, project management and the forecasting of changes in a competitive environment.

Suggested Citation

  • Christian Franz Horn & Björn Sven Ivens, 2015. "Corporate Prediction Markets for Innovation Management," Springer Books, in: Alexander Brem & Éric Viardot (ed.), Adoption of Innovation, edition 127, pages 11-23, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-14523-5_2
    DOI: 10.1007/978-3-319-14523-5_2
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