IEM Noted as First Prediction Market

In this story about prediction markets, such as futures markets where people bet on the future price of oil, gold and pork bellies, it's noted that the first computerized political market, the IOWA ELECTRONIC MARKETS, was created at the University of Iowa. "That market outperformed polls three-quarters of the time, and its election-eve forecasts were better than any pundit's and better than any poll," says James Surowiecki, author of "The Wisdom of Crowds."

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