Using Prediction Markets to Enable Active Learning
Many disciplines seek to develop students’ decision making skills in real-world situations, which are characterized by uncertainty and constant change. We use a novel decision making tool called a Prediction Market to create decision scenarios linked to module learning outcomes which are based upon real world events. This helps students to develop their decision making and information literacy skills in situations which mimic those they will face in their careers. Our approach scales efficiently to large groups, without prohibitive administrative overheads.
Prediction market projects are integrated into modules as continuous assessments, delivered online. For example, in a Finance module, students are asked to forecast what the closing price of financial assets such as the ISEQ or gold will be on a weekly basis, whereas in a Tax module, students are asked to forecast what tax measures the Budget will contain. We have used our methodology across a range of disciplines, including Risk Management, Tax and Finance.
This year, building on previous successes, we have executed shared Prediction Market projects across courses and Universities and improved the individualized feedback students receive. Our published research on this method can be found below.