Google Prediction Markets

The collective wisdom of the crowd has shown to be very powerful. Other companies like TopCoder which harness content from the crowd worldwide has known to produce high quality output. In this case however, this model is being used internally at Google – since all of the participants here are highly trained engineers, there is no surprise at the success rate of the prediction models developed in Google. The key would be encourage a more diverse population to participate and benefit, thereby leading to opportunities to tweak the underlying software, if required. It does seem to have a very promising future – to be used in a wide variety of applications.

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