Work for free for InTrade -and become famous (a little bit).

InTrade embraces &#8216-crowd sourcing&#8217-:

Intrade is looking for New Market Ideas!

Friday, Jan 25, 2008

What uncertain event are you interested in trading? What uncertain event are you interested in getting predictive information on from the Intrade community? Please let us know by mailing [email protected].

By suggesting a new market* and agreeing to be cited you will be joining an impressive list of luminaries from Academia, Business, and Government.

Here is just a small sample of those who have previously suggested markets that Intrade has listed?

  • Robin Hanson (Prof.)
  • International Strategy &amp- Investment Group
  • Peter McCluskey
  • David Pennock (Dr.)
  • Mark Perry (Prof.)
  • Koleman Strumpf (Prof.)
  • Justin Wolfers (Prof.)
  • Eric Zitzewitz (Prof.)

Before we list any new market we [endeavor] to ensure the following:

  1. The market will be easily understood and capable of definitive settlement.
  2. Market is based on an event that is of significant economic, social, or public interest.
  3. Typically be defined as a yes or no (0-100) proposition.

Ensuring your suggestion complies with the above criteria [maximizes] the chance we will list your suggestion for free. In other circumstances we may still list your suggestion for a fee.

*A market that we list and had not previously listed or considered.

They should look in the direction of PopSci PPX for new ideas. [And they should look for a Merriam-Webster dictionary to write the North-American English correctly. I have corrected them two times.]

Yahoo! Research scientist David Pennock&#8217-s prediction market proposals for InTrade are great.

And what about a prediction market on whether North Korea will soon launch an intercontinental missile? :-D


NEXT: I recommend that you read the comments on David Pennock&#8217-s post.

Read the previous blog posts by Chris. F. Masse:

  • Why you should launch your brand-new prediction exchange at a conference
  • Why Indian Software Outsourcing Companies are Outsourcing to China
  • Midas Oracle is the only popular, independent, exhaustive, multi-author, multi-exchange, Web-based resource on prediction markets.
  • Here’s an example of the total crap that the BetFair blog is publishing.
  • P(election) = P(nomination) * P(election conditional on nomination)
  • Journalism Failures — Big Time
  • South Carolina showdown: Barack Obama vs. Hillary Clinton

Rushkoff on Crowd Sourcing

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Douglas Rushkoff answering this year&#8217-s Edge question:

The Internet. I thought that it would change people. I thought it would allow us to build a new world through which we could model new behaviors, values, and relationships. &#8230- For now, at least, it&#8217-s turned out to be different. &#8230- The open source ethos has been reinterpreted through the lens of corporatism as &#8220-crowd sourcing&#8221- – meaning just another way to get people to do work for no compensation.

Unfortunately, that&#8217-s close to the truth for most play-money prediction market business plans.

What the hell is crowdsourcing???

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Crowdsourcing is a neologism for the act of taking a task traditionally performed by an employee or contractor, and outsourcing it to an undefined, generally large group of people, in the form of an open call. For example, the public may be invited to develop a new technology, carry out a design task, refine an algorithm or help capture, systematize or analyze large amounts of data.

[…] In some cases the labor is well-compensated. In other cases the only rewards may be kudos or intellectual satisfaction. Crowdsourcing may produce solutions from amateurs or volunteers working in their spare time, or from small businesses which were unknown to the initiating organization.

Perceived benefits of crowdsourcing include:
– Problems can be explored at comparatively little cost.
– Payment is by results.
– The organization can tap a wider range of talent than might be present in its own organisation.

The difference between crowdsourcing and ordinary outsourcing is that a task or problem is outsourced to the public, rather than another body. The difference between crowdsourcing and open source is that open source production is a cooperative activity initiated and voluntarily undertaken by members of the public. In crowdsourcing the activity is initiated by a client, and the work may be undertaken on an individual, as well as a group, basis. […]

Previously: CrowdSourcing = Wisdom Of Crowds = Collective Intelligence