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Systems Science Seminar: Rich Jolly "The Role of Feedback in the Assimilation of Information in Markets: Applications to Prediction Markets"
Friday, June 5, 2009 - 12:00pm to Friday, June 5, 2009 - 1:00pm

Systems Science Seminar

Date:

June 5, 2009

 

Location:

Harder House, Room 104

 

Time:

12-1 pm

 

Presenter(s):

Rich Jolly

 

Title:

The Role of Feedback in the Assimilation of Information in Markets: Applications to Prediction Markets

 

Abstract:

“If only HP knew what HP knows, we would be three times more productive” 

Lew Platt, while CEO of Hewlett-Packard 

Leveraging the combined knowledge of an organization is an ongoing challenge and has given rise to the field of knowledge management.     Yet, despite spending enormous sums of organizational resources (time and money) on IT (Information Technology) systems, executives recognize there is much more knowledge to harness – as expressed by Lew Platt’s comment above.   Prediction markets are emerging as one tool to help extract, and make operational, that extra knowledge.    Yet, prediction markets, like other markets, are susceptible to pathologies which compromise their accuracy (e.g. bubbles and crashes).   This makes their use problematic for organizations.   

The goal of this research is to study aspects of the feedback relationships in markets.   A simplified form of a commonly used organizational prediction market will be studied.   Some preliminary results of system simulations will be discussed in the seminar.

 

Bio(s):

Rich Jolly is a PhD candidate in Systems Science and Business Administration at PSU.  His interest is in the application of systems science tools and methodologies to business problems--in particular the flow of information in organizations.  Rich currently works full time at Intel doing strategic marketing for server products.

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<Web-based remote access seminar>

We will use Adobe Connect for web-based remote access seminar.

Here is the URL that people should use to participate remotely:

http://psuniv.na3.acrobat.com/rooma

 

- Enter as a Guest: Type your name and enter the room

- What you can do:

1) Remote participants will hear the speaker and questions from the audience.

2) Remote participants will see the speakers and his/her presentation slides.

3) Remote participants can join the discussion by typing or speaking (if remote participants' mic is available)

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