News & Events

Talk on Markets and Medicine To Be Held Oct. 12

George Neumann, the George Daly Professor of Economics in the University of Iowa Henry B. Tippie College of Business, will deliver a free, public talk on "Markets and Medicine: Teaching Doctors to Use Probabilities" from 5 to 6 p.m. Thursday, Oct. 12, on the Mezzanine Floor of the Cottage Bakery and Café, 14 S. Linn St.

Neumann, who joined the UI faculty in 1984, is a co-founder and board member of the faculty-operated Iowa Electronic Markets (IEM)—small-scale, real-money futures markets where contract payoffs depend on economic and political events such as elections. He earned his doctorate in economics from Northwestern University in 1974 and has expertise in the fields of stochastic models of labor markets and the economics of union activity. In addition his many publications and books, he is the co-author of "The Explanation and Prediction of Presidential Elections: A Market Alternative to Polls" (University of Michigan Press, 1991).

Neumann and his IEM colleagues recently launched an online futures market to predict influenza activity in the State of Iowa. This unique experiment is a collaboration of two professors from the University of Iowa's Henry B. Tippie College of Business and three infectious disease physicians from the University of Iowa Roy J. and Lucille A. Carver College of Medicine. Their goal is to predict future influenza activity quickly, accurately, and inexpensively by aggregating the expert opinion of health care professionals using a futures market.

The talk is the second to be presented by Café Scientifique of Iowa City during the 2006-2007 academic year. Sessions are held on the second Thursday of the month from September to May. Café Scientifique of Iowa City is a meeting forum where the public is invited to explore and debate the latest ideas in science, mathematics, medicine and technology. The Café Scientifique website is at: www.physics.uiowa.edu/café.


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