Prediction markets are speculative markets created for the purpose of aggregating information and forecasting future events. Prediction markets work like stock markets and can be used to forecast everything from who will win the Super Bowl to the outcome of a presidential election. The technology is just starting to make its way into corporate pilot projects. About two dozen companies are now using prediction markets to forecast future sales revenue, product launch dates, future pricing and the potential success of new products. Professor Robin Hanson, a pioneer in the emerging field of prediction markets, tells CEOs what they need to know in order to better forecast future events
