Koleman Strumpf’-s conference webpage:
Prediction markets are a tool for harnessing the wisdom of crowds. Recently, firms have begun to use these markets to leverage the information dispersed among their employees and customers. The markets have been used to improve forecasts of uncertain events, to generate new ideas, and to improve resource allocation within the firm. Prediction markets have great promise for helping firms manage risk, because they can provide more precise estimates of events which are both internal and external to the firm.