Preference markets for innovation ranking and selection

Li Chen, Paulo Goes, Wynd Harris, James Marsden, John Zhang

Research output: Contribution to journalArticle

4 Scopus citations

Abstract

Companies face constant challenges to appropriately rank and select innovative technologies for potential strategic investments, and they have used many methodologies to help them with this task; however, these existing processes have several limitations. This paper showcases how information preference markets can be structured and implemented to rank and select these technologies. We demonstrate the market process for a leading company in the Fortune 100 companies list. The results are encouraging and have persuaded the company to make a significant financial commitment to expand its use of preference markets. The work we present here offers readers a step-by-step illustration of how to develop and use preference markets in industry settings.

Original languageEnglish (US)
Pages (from-to)144-153
Number of pages10
JournalInterfaces
Volume40
Issue number2
DOIs
StatePublished - Mar 1 2010
Externally publishedYes

Keywords

  • Information market
  • Prediction market
  • Preference aggregation
  • Preference ranking
  • Technology ranking
  • Technology selection

ASJC Scopus subject areas

  • Strategy and Management
  • Management Science and Operations Research
  • Management of Technology and Innovation

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