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Creating and Capturing Value through Crowdsourcing$
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Christopher L. Tucci, Allan Afuah, and Gianluigi Viscusi

Print publication date: 2018

Print ISBN-13: 9780198816225

Published to Oxford Scholarship Online: May 2018

DOI: 10.1093/oso/9780198816225.001.0001

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Prediction Markets for Crowdsourcing

Prediction Markets for Crowdsourcing

Chapter:
(p.292) 12 Prediction Markets for Crowdsourcing
Source:
Creating and Capturing Value through Crowdsourcing
Author(s):

Christian Horn

Marcel Bogers

Alexander Brem*

Publisher:
Oxford University Press
DOI:10.1093/oso/9780198816225.003.0012

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. The act of opening up to external knowledge sources is also in line with the growing interest in open innovation. One example of a prediction market, a virtual stock market, is applied to open innovation through an online platform. We show that use of mechanisms of internal crowdsourcing with prediction markets can outperform use of external crowds.

Keywords:   Prediction markets, open innovation, crowdsourcing, virtual stock markets, internal crowdsourcing

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