UI Alumni Association Sponsors Iowa Electronic Markets Presentation
George R. Neumann, the George Daly Professor of Economics at the Tippie College, will present an introduction to the Iowa Electronic Markets. He will explain how real-money markets, in which contract payoffs depend on economic and political events, are being used to provide students with hands-on experience buying and selling futures contracts. UI professors, as well as professors at approximately 100 other colleges and universities around the world, use the IEM as a teaching and research tool.
Since its inception during the 1988 U.S. presidential election the IEM has gained a reputation for forecasting election results with great accuracy. The IEM has recorded an average prediction error of 1.37 percent, compared with an average of 2 to 2.5 percent for polls.
Neumann will detail the history of the Iowa Electronic Markets and will discuss the current markets for the 2004 presidential election. He will also describe new developments in the IEM, including how the electronic markets are being used to gather information for government and private firms.
The Thursday luncheon program is free and open to the public, although space is limited. For more information or to register by the Jan. 5 deadline, contact the UI Alumni Association at 1-800-IOWALUM (469-2586) or register online at: www.iowalum.com/lifelonglearning.
Contact: George McCrory, UI News Services, 319-384-0012