Preference Markets for Innovation Ranking and Selection

Authors:
Li Chen;Paulo Goes;Wynd Harris;James Marsden;John Zhang
Affiliations:
School of Business, University of Connecticut, Storrs, Connecticut 06269;Eller College of Management, University of Arizona, Tucson, Arizona 85721;School of Business, University of Connecticut, Storrs, Connecticut 06269;School of Business, University of Connecticut, Storrs, Connecticut 06269;School of Business, University of Connecticut, Storrs, Connecticut 06269
Venue:
Interfaces
Year:
2010

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Abstract

Companies face constant challenges to appropriately rank and select innovative technologies for potential strategic investments, and they have used many methodologies to help them with this task; however, these existing processes have several limitations. This paper showcases how information preference markets can be structured and implemented to rank and select these technologies. We demonstrate the market process for a leading company in the Fortune 100 companies list. The results are encouraging and have persuaded the company to make a significant financial commitment to expand its use of preference markets. The work we present here offers readers a step-by-step illustration of how to develop and use preference markets in industry settings.