Predictive model markets: Design principles for managing enterprise-level advanced analytics

Sule Balkan, Kenneth Goul

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Scopus citations

Abstract

As advanced analytics penetrate a wide range of business applications, companies face the challenge of managing analytics-based assets, such as predictive models. Tasks ahead include model selection, scoring and deployment planning. One way to optimize model selection is to tap the combined knowledge of company staff through a "prediction market," a virtual market designed to reveal participants' aggregate wisdom by seeing where people "invest" their money. In the context of predictive-model selection, this paper refers to such devices as predictive-model markets. This paper examines design possibilities for building experimental markets that can ultimately be used to test whether predictive-model markets will improve model selection and deployment. The researchers test two types of incentives for participation: economic and social. Study results indicate that such markets can effectively work using either; a surprising finding is that social incentives did not improve effectiveness when added to economic incentives.

Original languageEnglish (US)
Title of host publicationICIS 2010 Proceedings - Thirty First International Conference on Information Systems
StatePublished - Dec 1 2010
Event31st International Conference on Information Systems, ICIS 2010 - Saint Louis, MO, United States
Duration: Dec 12 2010Dec 15 2010

Publication series

NameICIS 2010 Proceedings - Thirty First International Conference on Information Systems

Other

Other31st International Conference on Information Systems, ICIS 2010
CountryUnited States
CitySaint Louis, MO
Period12/12/1012/15/10

Keywords

  • Advanced analytics
  • Prediction markets
  • Predictive models

ASJC Scopus subject areas

  • Information Systems

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    Balkan, S., & Goul, K. (2010). Predictive model markets: Design principles for managing enterprise-level advanced analytics. In ICIS 2010 Proceedings - Thirty First International Conference on Information Systems (ICIS 2010 Proceedings - Thirty First International Conference on Information Systems).