IEM Helped Create Hurricane Market
August 31, 2005 | Canada Free PressWith handheld betting devices making even poolside wagers possible, a new futures market predicting where hurricanes will hit has opened. A trio of University of Miami professors is trying to take over the local weatherman's job. The three are betting on a new way to predict where a hurricane will hit. Their approach may not be as orthodox as Walter the Weatherman, but they believe their way could help people living in hurricane alley decide whether or not to evacuate. "I don't view it as a game," said David Kelly, a Miami associate professor and economist. Along with David Letson, a fellow economist and associate professor, and David Nolan, assistant professor of meteorology, he developed MAHEM, short for Miami Hurricane Event Market, with help from trading specialists at the UNIVERSITY OF IOWA.
Contact: Forrest Nelson