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Contingency Market
Contingency markets are markets where contracts are made to exchange funds contingent upon an event or combination of events or contingencies thereof. Difference from prediction markets Prediction markets are a subset of contingency markets and specialise in independent future events and are often exploited for the predictive side effect they produce. Complex contingencies only tend to occur in the gambling industry's implementations of prediction markets. Unlike prediction markets, contingency markets also support dependent future events. These are a priori directly influenced or controlled by those interested in a particular outcome of an event. See also *Insurance * Threshold pledge * Assurance contracts *Betting exchange *Preorder Economy A preorder economy is a type of proposed future economy where the exact demand for goods is known ahead of time, before any material production takes place. It has been discussed within the framework of ecological economics. Just-in-time ma ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contract
A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typically involves consent to transfer of goods, services, money, or promise to transfer any of those at a future date. The activities and intentions of the parties entering into a contract may be referred to as contracting. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or equitable remedies such as specific performance or rescission. A binding agreement between actors in international law is known as a treaty. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Like other areas of private law, contract law varies between jurisdictions. In general, contract law is exercised and governed either under common law jurisdictions, civil law jurisdictions, or mixed-law jurisdictions that combine elem ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prediction Market
Prediction markets, also known as betting markets, information markets, decision markets, idea futures or event derivatives, are open markets that enable the prediction of specific outcomes using financial incentives. They are exchange-traded markets established for trading bets in the outcome of various events. The market prices can indicate what the crowd thinks the probability of the event is. A typical prediction market contract is set up to trade between 0 and 100%. The most common form of a prediction market is a binary option market, which will expire at the price of 0 or 100%. Prediction markets can be thought of as belonging to the more general concept of crowdsourcing which is specially designed to aggregate information on particular topics of interest. The main purposes of prediction markets are eliciting aggregating beliefs over an unknown future outcome. Traders with different beliefs trade on contracts whose payoffs are related to the unknown future outcome and the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gambling
Gambling (also known as betting or gaming) is the wagering of something of Value (economics), value ("the stakes") on a Event (probability theory), random event with the intent of winning something else of value, where instances of strategy (game theory), strategy are discounted. Gambling thus requires three elements to be present: consideration (an amount wagered), risk (chance), and a prize. The outcome of the wager is often immediate, such as a single roll of dice, a spin of a roulette wheel, or a horse crossing the finish line, but longer time frames are also common, allowing wagers on the outcome of a future sports contest or even an entire sports season. The term "gaming" in this context typically refers to instances in which the activity has been specifically permitted by law. The two words are not mutually exclusive; ''i.e.'', a "gaming" company offers (legal) "gambling" activities to the public and may be regulated by one of many gaming control boards, for example, the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
A Priori And A Posteriori
('from the earlier') and ('from the later') are Latin phrases used in philosophy to distinguish types of knowledge, justification, or argument by their reliance on experience. knowledge is independent from any experience. Examples include mathematics,Some associationist philosophers have contended that mathematics comes from experience and is not a form of any ''a priori'' knowledge () tautologies and deduction from pure reason. Galen Strawson has stated that an argument is one in which "you can see that it is true just lying on your couch. You don't have to get up off your couch and go outside and examine the way things are in the physical world. You don't have to do any science." () knowledge depends on empirical evidence. Examples include most fields of science and aspects of personal knowledge. The terms originate from the analytic methods found in '' Organon'', a collection of works by Aristotle. Prior analytics () is about deductive logic, which comes from ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Threshold Pledge
The threshold pledge or fund and release system is a way of making a fundraising pledge as a group of individuals, often involving charitable goals or financing the provision of a public good. An amount of money is set as the goal or ''threshold'' to reach for the specified purpose and interested individuals will pitch in, but the money at first either remains with the pledgers or is held in escrow. When the threshold is reached, the pledges are called in (or transferred from the escrow fund) and a contract is formed so that the collective good is supplied; a variant is that the money is collected when the good is actually delivered. If the threshold is not reached by a certain date (or perhaps if no contract is ever signed, etc.), the pledges are either never collected or, if held in escrow, are simply returned to the pledgers. In economics, this type of model is known as an assurance contract. This system is most often applied to creative works, both for financing new product ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Assurance Contracts
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Assurance may refer to: * Assurance (computer networking) * Assurance (theology), a Protestant Christian doctrine * Assurance services, offered by accountancy firms * Life assurance, an insurance on human life * Quality assurance * Assurance IQ, Inc., a subsidiary of Prudential Financial Places *Assurance, West Virginia, an unincorporated community in the United States * Mount Assurance, New Hampshire, United States Ships * * See also * * Insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Betting Exchange
A betting exchange is a marketplace for customers to bet on the outcome of discrete events. Betting exchanges offer the same opportunities to bet as a bookmaker with a few differences. Gamblers can buy (also known as "back") and sell (also known as "lay") the outcome, and they can trade in real-time throughout the event, either to cut their losses or lock in profit. Bookmaker operators generate revenue by offering less efficient odds. Betting exchanges normally generate revenue by charging a small commission on winning bets. History The first betting exchanges were Matchbook, flutter.com and Betfair. Flutter and Betfair merged in 2001 with Betfair chosen as the primary betting exchange. The flutter.com site ceased operations in January 2002. Since then Betfair has maintained a leading position in the betting exchange market. BETDAQ (which also traded as the 'Ladbrokes Exchange') is believed to be the second largest betting exchange and it had an estimated 7% share of the be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preorder Economy
A preorder economy is a type of proposed future economy where the exact demand for goods is known ahead of time, before any material production takes place. It has been discussed within the framework of ecological economics. Just-in-time manufacturing Creating a preorder economy has recently been proposed as an economic efficiency solution to the environmental problems facing modern society. These environmental challenges are believed to be caused in part by unsustainable levels of production, consumption and advertising related to the imperfect exchange of information in market economies. Therefore, preorder economy theory advocates using the Internet The Internet (or internet) is the Global network, global system of interconnected computer networks that uses the Internet protocol suite (TCP/IP) to communicate between networks and devices. It is a internetworking, network of networks ... as the means to coordinate all production with existing consumer desires, so that ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prediction Markets
Prediction markets, also known as betting markets, information markets, decision markets, idea futures or event derivatives, are open markets that enable the prediction of specific outcomes using financial incentives. They are exchange-traded markets established for trading bets in the outcome of various events. The market prices can indicate what the crowd thinks the probability of the event is. A typical prediction market contract is set up to trade between 0 and 100%. The most common form of a prediction market is a binary option market, which will expire at the price of 0 or 100%. Prediction markets can be thought of as belonging to the more general concept of crowdsourcing which is specially designed to aggregate information on particular topics of interest. The main purposes of prediction markets are eliciting aggregating beliefs over an unknown future outcome. Traders with different beliefs trade on contracts whose payoffs are related to the unknown future outcome and the m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
