IEM puts Iowa on the map as more accurate tool

The state of Iowa will take its usual place in the U.S. presidential election process next month as its caucuses on Jan. 3 mark the point at which the first formal votes are cast. For a select group of hardcore election aficionados, though, the state's name has another resonance: the Iowa Electronic Markets, which offer positions on who will be nominated by the two main parties, which party will win, and what the share of the vote will be. They were created as a teaching tool by the business school at the University of Iowa. TOM REITZ, associate professor of political science and one of the five-strong group that supervises the markets, was a graduate student when they were set up in the 1980s. The FINANCIAL TIMES is based in London, England.