VIRTUAL MARKETS FOR SELECTING ANSWERS TO OPEN-ENDED QUESTIONS
A virtual market system is used to rank-order answers to an open-ended question. A virtual market on which participants can trade securities representing answers to the open-ended question is used to gather information from the participants regarding each answer. Additional securities representing additional answers to the question may be added during the trading period, allowing for the answers to the question to evolve over the operation of the market.
1 . A method for rank-ordering a plurality of answers to an open-ended question using a virtual market, the method comprising:
providing a plurality of market participants with an open-ended question;
providing a plurality of answers to the question;
establishing each answer as a security in a virtual market;
attaching a value to each security in the virtual market;
facilitating trading of the securities by the participants via the virtual market;
allowing the addition of an answer to, or the removal of an answer from, the plurality of answers to the question after a period of trading via the virtual market has taken place; and
establishing a rank-order for the plurality of answers based upon the value associated with each security after a period of trading.
2 . The method of claim 1 further comprising establishing an additional security representing an answer that was added to the plurality of answers to the question after a period of trading via the virtual market has taken place.
3 . The method of claim 1 further comprising removing a security from the virtual market after a period of trading has taken place, based upon the value associated with that security.
4 . The method of claim 1 wherein facilitating trading of the securities includes informing the participants of when trading on the virtual market will be closed.
5 . The method of claim 1 wherein facilitating trading of the securities includes closing the virtual market without informing the participants in advance.
6 . The method of claim 1 wherein facilitating trading of the securities includes closing the virtual market based upon the relative values of the securities being traded on the market.
7 . The method of claim 1 wherein establishing a rank-order comprises ranking each answer based on the volume-weighted-average-price of the security associated with that answer.
8 . The method of claim 1 wherein each participant initially has the same buying power in the virtual market.
9 . The method of claim 1 wherein each participant's initial buying power in the virtual market is determined based upon the outcome of at least one previously run virtual market.
10 . The method of claim 1 wherein each participant is rewarded based upon the rank of the answers associated with the securities they own at the close of the virtual market.
11 . The method of claim 1 wherein each participant is rewarded based upon the value associated with the securities they own at the close of the virtual market.
12 . The method of claim 1 wherein the open-ended question and the answers are related to media content.
13 . The method of claim 12 wherein the open-ended question and the answers are used to generate media content for distribution.
14 . The method of claim 12 wherein the answers with the best rank-order are reported as media content for distribution.
15 . the method of claim 12 wherein each of the answers is associated with particular media content and the rank order of the answers is used to choose which media content to distribute.
16 . A virtual market trading system for rank-ordering a plurality of answers to an open-ended question, the system comprising:
a virtual market configured to facilitate trading of a plurality of securities by a plurality of market participants, each security being associated with an answer to an open-ended question, and further configured to allow the addition of a security to, or the removal of a security from, the plurality of securities after a period of trading via the virtual market has taken place; and
a user interface allowing a participant to trade shares of any one of the plurality of securities to indicate an opinion regarding the answer associated with that security.
17 . The system of claim 16 wherein the user interface provides the participants with information regarding when the virtual market will be closed.
18 . The system of claim 16 wherein the virtual market is configured to close trading without informing the participants in advance.
19 . The system of claim 16 wherein facilitating trading of the securities includes closing the virtual market based upon the relative values of the securities being traded on the market.
20 . The system of claim 16 wherein the user interface provides each participant with a specific amount of buying power that can be used to purchase securities in the virtual market.
21 . The system of claim 20 wherein each participant initially has the same buying power.
22 . The system of claim 20 wherein each participant's initial buying power in the virtual market is determined based upon the outcome of a previously run virtual market.
23 . The system of claim 20 wherein each participant is rewarded based upon the value associated with the securities they own at the close of the virtual market.
24 . The system of claim 21 wherein each participant is rewarded based upon the rank of the answers associated with the securities they own at the close of the market.
25 . The system of claim 16 wherein the virtual market is configured to provide a rank-order to the answers associated with the securities in the virtual market.
26 . The system of claim 24 wherein the rank-order for the answers is based on the volume-weighted-average-price of the security associated with that answer.
27 . The system of claim 16 wherein the open-ended question and the answers are related to media content.
28 . The system of claim 27 wherein the open-ended question and the answers are used to generate media content for distribution.
29 . The system of claim 27 wherein the answers with the best rank-order are reported as media content for distribution.
30 . The system of claim 27 wherein each of the answers is associated with particular media content and the rank order of the answers is used to choose which media content to distribute.