The Foresight Exchange is an online futures market game in which players attempt to gain a high score by accurately predicting the future. Players trade fake money on claims about the future, and if they predict the future correctly their investments in the game will rise in value. A futures contract is a form of forward contract, a contract to buy or sell an asset of any kind at a pre-agreed future point in time, that has been standardised for a wide range of uses. ...
For example, one claim, "The Future of IT Jobs in America"[1], predicts that there will be 35% more IT Jobs in America in 2012 than in 2002. This claim is contentious because of things like offshoring -- the movement of IT jobs to countries like India and China. Those who believe there will be fewer jobs in the future will sell the claim, reducing its value, and those who believe there will be more will buy the claim, raising its price. Offshore may refer to oil and natural gas production at sea, see oil platform. ...
An observer can determine from the current market price what the consensus about the future is: If the IT Jobs claim trades above $0.50 that implies there will probably be an increase in the number of IT Jobs.
Exchange is shut down for one hour whenever the Dow falls 350 points, or for two hours when a 550 point drop is occurs.
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Located at ideosphere.com, the ForesightExchange gained notoriety by accurately predicting events such as US Presidential elections, major scientific advances and the future price of gasoline.
The most recent addition to the client roster is the Washington Stock Exchange (WSX), a market research firm which plans to launch a series of prediction markets, beginning later this year.
Foresight Technologies was founded by industry pioneer Ken Kittlitz in response to the surging interest in prediction markets.
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