Skip to main content

IDEM: A Prediction Market for Idea Management

  • Conference paper
Designing E-Business Systems. Markets, Services, and Networks (WEB 2008)

Part of the book series: Lecture Notes in Business Information Processing ((LNBIP,volume 22))

Included in the following conference series:

Abstract

Collaborative systems and methods are used within corporate environments to support innovation and management of new ideas. The aggregation of innovation-related information from a community of users is a non-trivial task that requires the use of specialized collaborative systems and methods. In this paper we explore the use of Prediction Markets for community-based idea management and present IDEM, a software system that is used for generating and evaluating new ideas utilizing the concept of Prediction Markets. In addition to trading, IDEM supports users submit new ideas, rate and comment on them. Academic experiments and industrial pilots reveal the perceived usefulness of the system.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 39.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 54.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. Miles, R.E., Miles, G., Snow, C.: Collaborative Entrepreneurship: How Communities of Networked Firms Use Continuous Innovation to Create Economic Wealth. Stanford University Press, Stanford (2005)

    Google Scholar 

  2. Shin, D.G.: Distributed inter-organizational systems and innovation processes. Internet Research 16(5), 553–572 (2006)

    Article  Google Scholar 

  3. Diehl, M., Stroebe, W.: Productivity Loss in Brainstorming Groups. Journal of Personality and Social Psychology 53, 497–509 (1987)

    Article  Google Scholar 

  4. Griffiths-Hemans, J., Grover, R.: Setting the Stage for Creative New Products: Investigating the Idea Fruition Process. Journal of the Academy of Marketing Science 34, 27–39 (2006)

    Article  Google Scholar 

  5. Nonaka, I., Takeuchi, H.: The Knowledge-Creating Company. Oxford University Press, Oxford (1995)

    Google Scholar 

  6. Brown, S.L., Eisenhardt, K.M.: Product development: past research; present findings, and future directions. Academy of Management Review 20(3), 343–378 (1995)

    Google Scholar 

  7. Adamides, E.D., Karacapilidis, N.: Information Technology Support for the Knowledge and Social Processes of Innovation Management. Technovation 26, 50–59 (2006)

    Article  Google Scholar 

  8. Christensen, C., Magnusson, M.G., Zetherstrom, M.B.: Implementation and Use of Collaborative Product Development Systems—Observations from Swedish Manufacturing Firms, working paper 2003:1, Chalmers University of Technology, Department of Innovation Engineering and Management (2003)

    Google Scholar 

  9. Sethi, R., Pant, S., Sethi, A.: Web-based product development systems integration and new product outcomes: a conceptual framework. J. of Product Innovation Management 20, 37–56 (2003)

    Article  Google Scholar 

  10. Bose, R.: Group support systems: technologies and products selection. Industrial Management and Data Systems 103(9), 649–656 (2003)

    Article  Google Scholar 

  11. Lin, K.J.: Building Web 2.0. IEEE Computer 40, 101–102 (2007)

    Article  Google Scholar 

  12. Malone, T.W., Klein, M.: Harnessing Collective Intelligence to Address Global Climate Change, Innovations: Technology, Governance, Globalization, vol. 2(3), pp. 15–26. MIT Press, Cambridge (2007)

    Google Scholar 

  13. Kapetanios, E.: Quo Vadis computer science: From Turing to personal computer, personal content and collective intelligence. In: Data & Knowledge. Engineering Press (2008) (forthcoming)

    Google Scholar 

  14. Spann, M., Skiera, B.: Internet-Based Virtual Stock Markets for Business Forecasting. Management Science 49, 1310–1326 (2003)

    Article  Google Scholar 

  15. Skiera, B., Spann, M.: Opportunities of Virtual Stock Markets to Support New Product Development, pp. 227–242. Verlag Gabler Wiesbaden (2004)

    Google Scholar 

  16. Chen, K.Y., Plott, C.: Information Aggregation Mechanisms: Concept, Design and Implementation for a Sales Forecasting Problem, working paper 1131, California Institute of Technology, Social Science (2002)

    Google Scholar 

  17. Soukhoroukova, A., Spann, M., Skiera, B.: Creating and Evaluating New Product Ideas with Idea Markets, The Wharton School of the University of Pennsylvania, Marketing Department Colloquia (2007)

    Google Scholar 

  18. LaComb, C., Barnett, A.J., Pan, Q.: The imagination market. Information System Frontiers 9, 245–256 (2006)

    Article  Google Scholar 

  19. Lim, M., Coggins, R.J.: Optimal trade execution: an evolutionary approach. The 2005 IEEE Congress on Evolutionary Computation 2, 1045–1052 (2005)

    Article  Google Scholar 

  20. Saaty, T.: The Analytic Hierarchy Process. McGraw-Hill, New York (1980)

    MATH  Google Scholar 

  21. Lakshmikantha, K.S., Shridhar, T.N., Sridhara, B.K., Sreekanta Gupta, B.P.: Application of Conjoint Analysis in New Product Development. In: National Conference on Product Development with Mechatronic Systems for Global Quality, India-Madurai, pp. 33–37 (2005)

    Google Scholar 

  22. Sanders, E.: How applied ethnography can improve your NPD research process, Product Development and Management Association (2002), http://www.pdma.org/visions/apr02/applied.html

  23. Nielsen, J.: The use and misuse of focus groups. Software 14(1), 94–95 (1997)

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2009 Springer-Verlag Berlin Heidelberg

About this paper

Cite this paper

Bothos, E., Apostolou, D., Mentzas, G. (2009). IDEM: A Prediction Market for Idea Management. In: Weinhardt, C., Luckner, S., Stößer, J. (eds) Designing E-Business Systems. Markets, Services, and Networks. WEB 2008. Lecture Notes in Business Information Processing, vol 22. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-01256-3_1

Download citation

  • DOI: https://doi.org/10.1007/978-3-642-01256-3_1

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-642-01255-6

  • Online ISBN: 978-3-642-01256-3

  • eBook Packages: Computer ScienceComputer Science (R0)

Publish with us

Policies and ethics