Research on Decision Market Model of Public Decision Problems in the Context of Big Data

Na CHANG

Abstract


Decision markets are a method of community information gathering, so that market methods can be used to deal with public decision problems. The decision made by the decision makers can be shown as an equilibrium price. This thesis would design a Public Decision Markets model based on the principles of futures market. By using market principles to gather public decision preferences and use the equilibrium price to represent understandings. This model would be able to represent public intelligence level on public decision making. First transferring the binary decision market into a tradeable contract. Then make personal trading decisions under market environments. Finally, calculate the equilibrium price based on the total demand and total supply, providing a group consensus on the public decision issue. At the end of the thesis, it would provide cases where publicity tactics were decided upon the market acceptance. Proving this public decision model can effectively generate decision under big data context, while the tendency of group consensus was underestimated.

Keywords


Public decision markets model; Collective intelligence; Big data; Preference group

Full Text:

PDF

References


Berg, J. E., & Rietz, T. A. (2003). Prediction markets as decision support systems. Information Systems Frontiers, 5(1), 79-93

Keeney, R. L., & Kirkwood, C. W. (1973). Group decision making using cardinal social welfare functions. Management Science, 22(4), 430-437.

Little, I. M. D. (2012). Social choice and individual values. Social choice and individual values. Yale University Press.

Manski, C. F. (2004). Interpreting the predictions of prediction markets. Economics Letters, 91(3), 425-429.

Irvin, R. A., & Stansbury, J. (2004). Citizen participation in decision making: Is it worth the effort?Public Administration Review, 64(1), 55-65.

Su, J., Guo, Y., & Lu, P. (2014). From elite decision-making to popular participation: The change of science and technology decision model from a rational perspective. Chinese Public Administration, (3).

Yang, L. (2007). Procedure for group multiple attribute decision making with incomplete information. Systems Engineering —Theory & Practice, 27(3), 172-176.

Yu, K. P. (2007). Several theoretical problems of citizen participation. NPC of Qinghai, (1), 56-58.




DOI: http://dx.doi.org/10.3968/n

Refbacks

  • There are currently no refbacks.


Copyright (c) 2017 Na CHANG

Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.


Share us to:   


Reminder

  • How to do online submission to another Journal?
  • If you have already registered in Journal A, then how can you submit another article to Journal B? It takes two steps to make it happen:

1. Register yourself in Journal B as an Author

  • Find the journal you want to submit to in CATEGORIES, click on “VIEW JOURNAL”, “Online Submissions”, “GO TO LOGIN” and “Edit My Profile”. Check “Author” on the “Edit Profile” page, then “Save”.

2. Submission

  • Go to “User Home”, and click on “Author” under the name of Journal B. You may start a New Submission by clicking on “CLICK HERE”.


We only use three mailboxes as follows to deal with issues about paper acceptance, payment and submission of electronic versions of our journals to databases:
caooc@hotmail.com; mse@cscanada.net; mse@cscanada.org

 Articles published in Management Science and Engineering are licensed under Creative Commons Attribution 4.0 (CC-BY).

 MANAGEMENT SCIENCE AND ENGINEERING Editorial Office

Address: 9375 Rue de Roissy Brossard, Québec, J4X 3A1, Canada

Telephone: 1-514-558 6138
Http://www.cscanada.net Http://www.cscanada.org

Copyright © 2010 Canadian Research & Development Centre of Sciences and Cultures