Prediction markets for crowdsourcing
Research output: Chapter in Book/Report/Conference proceeding › Book chapter › Research › peer-review
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Prediction markets for crowdsourcing. / Horn, Christian; Bogers, Marcel; Brem, Alexander.
Creating and Capturing Value through Crowdsourcing. ed. / Christopher L. Tucci; Allan Afuah; Gianluigi Viscusi. Oxford University Press, 2018. p. 292-309.Research output: Chapter in Book/Report/Conference proceeding › Book chapter › Research › peer-review
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TY - CHAP
T1 - Prediction markets for crowdsourcing
AU - Horn, Christian
AU - Bogers, Marcel
AU - Brem, Alexander
PY - 2018
Y1 - 2018
N2 - 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.
AB - 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.
KW - Crowdsourcing
KW - Internal crowdsourcing
KW - Open innovation
KW - Prediction markets
KW - Virtual stock markets
U2 - 10.1093/oso/9780198816225.003.0012
DO - 10.1093/oso/9780198816225.003.0012
M3 - Book chapter
AN - SCOPUS:85051611615
SP - 292
EP - 309
BT - Creating and Capturing Value through Crowdsourcing
A2 - Tucci, Christopher L.
A2 - Afuah, Allan
A2 - Viscusi, Gianluigi
PB - Oxford University Press
ER -
ID: 222100186