Simulation and Gaming - 30th anniversary issue, part 3
Improving education and training with IT
Communications of the ACM - Adaptive middleware
A dynamic pari-mutuel market for hedging, wagering, and information aggregation
EC '04 Proceedings of the 5th ACM conference on Electronic commerce
Building collaborative knowing: elements of a social theory of CSCL
What we know about CSCL and implementing it in higher education
Computers in Human Behavior
Design and evaluation of a collaborative learning environment
Computers & Education
Evaluation of stock trading performance of students using a web-based virtual stock trading system
Computers & Mathematics with Applications
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In this paper, prediction markets are presented as an innovative pedagogical tool which can be used to create a Rich Environment for Active Learning (REAL). Prediction markets are designed to make forecasts about specific future events by using a market mechanism to aggregate the information held by a large group of traders about that event into a single value. Prediction markets can be used to create decision scenarios which are linked to real-world events. The advantages of this approach in the cognitive and affective domains of learning are examined. The unique ability of prediction markets to enable active learning in large group teaching environments is explored. Building on this theoretical work, a detailed case study is presented describing how a prediction market can be deployed as a pedagogical tool in practice. Empirical evidence is presented exploring the effect prediction market participation has on learners in the cognitive domain.