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Prediction markets: These are speculative markets fashioned with the intention of making predictions. Assets which are produced possess an ultimate cash worth bound to a specific event (for example who will win the next election) or situation (such as total sales next quarter). The present market prices can then be explained as forecasts of the likelihood of the event or estimated value of the situation. Prediction markets are consequently planned as betting exchanges, without any kind of compromise for the bookmaker. People who purchase low and sell high are rewarded for improving the market prediction, whereas those who purchase high and sell low are punished for degrading the market prediction. Evidence so far proposes that prediction markets are at least as accurate as other institutions predicting same events with a similar pool of participants. Many prediction markets are open to the public. Betfair is the world's biggest prediction exchange, with around $28 billion traded in 2007. Intrade is a for-profit company with a large range of contracts not including sports. Iowa Electronic Markets is an academic market examining elections where positions are limited to $500. Trade Sports are prediction markets for sporting events.
Functions of Commercial Banks In modern economy, commercial banks have the following functions: i. They provide a safe deposit for money and other valuables. ii.
Q. Explain Mark-up pricing? In addition to using above methods to conclude a firm's optimal level of output, a firm can also set price to maximise profit. Optimal markup rules
Harrod Domar Theory A basic principle that has been stressed by both Harrod and Domar in their growth models and which has been incorporated in all modern growth theories is th
when firm can achieve optimization
Price Elasticity of Supply Price Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price. The co-efficient of the elasticity of s
TERMS OF TRADE The relation between the prices of a country's exports and the prices of its imports, represented arithmetically by taking the export index as a percentage of t
REALISM OF PERFECT COMPETITION The assumptions of perfect competition are obviously at variance with the conditions which actually exist in real world markets. Some market
Meaning The word inflation has at least four meanings. A persistent rise in the general level of prices, or alternatively a persistent falls in the value of money.
FACTORS RESPONSIBLE FOR WAGE DIFFERENTIALS WITHIN THE SAME OCCUPATION i. Differences in the environment: For example a doctor sent to North Eastern Province must be pai
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