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What is Prediction Markets

Encyclopedia of Information Science and Technology, Second Edition
Speculative markets that can aggregate the opinions of a large number of users regarding the outcome of a particular event (Wikipedia, 2006 AU25: The in-text citation "Wikipedia, 2006" is not in the reference list. Please correct the citation, add the reference to the list, or delete the citation. ).
Published in Chapter:
Managing Organizational Knowledge in the Age of Social Computing
V. P. Kochikar (Infosys Technologies Ltd., India)
DOI: 10.4018/978-1-60566-026-4.ch398
Abstract
Technology, since the days of the Industrial Revolution, has been used by large corporations, such as factories and the railways, to great advantage. Starting around the end of the 19th century, technology began to be used directly by the consumer, but remained essentially a means of satisfying a personal need, such as lighting or listening to music. In the past decade, as technologies such as e-mail, Web, Weblogs (blogs), Wikis, and instant messaging have become pervasive, the way technology is used by individuals has changed—it has increasingly been put to use to meet social needs, such as interaction, sharing, and networking. This new paradigm of technology use, and the technologies that have enabled it, may be termed social computing. By its very nature, social computing facilitates the sharing and leveraging of knowledge residing within a community of people. In this article, we discuss how social computing can act as the primary mechanism that enables the management of knowledge within an organization.
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