| Abstract (ENG): |
Virtual Stock Markets (VSM)1
are tools that can compile the beliefs of market participants into usable
forecasts. They are based on the simple principle of providing monetary incentives for the best use of
knowledge (Deimer & Poblete, 2010). VSM in their current form were initially developed in the 1980s as
forecasting instruments of election outcomes. Due to their high level of precision in predicting events, they
are experiencing increasing levels of interest among researchers and practitioners in the field of business
studies, especially e-business. Various business applications of the given concept have been presented,
namely, forecast generation, decision support, product concept evaluation and lead user identification.
This article explains the concept of VSM, describes potential applications and provides examples
of successful implementations in business practice. Directions for further research as well as possible
drawbacks of VSM are identified. |
| Citation: |
Zimmermann, Lorenz and Niemann, Antje
(2016)
Using Virtual Stock Markets as a Research Tool – Insights from Marketing and Management Science.
In:
Encyclopedia of E-Commerce Development, Implementation, and Management / Lee, In (Ed.).
Hershey: IGI Global, pp. 1130-1138.
ISBN 9781466697874
|
