A look at prediction markets | Research Information

“Assessing the quality of research is difficult. Jisc and the University of Bristol are partnering to develop a tool that may help institutions improve this process.  

To attract government funding for their crucial research, UK universities are largely reliant on good ratings from the Research Excellent Framework (REF) – a process of expert review designed to assess the quality of research outputs. REF scores determine how much government funding will be allocated to their research projects. For instance, research that is world-leading in terms of originality, significance and rigour, will be scored higher than research that is only recognised nationally. 
 
Considerable time is spent by universities trying to figure out which research outputs will be rated highest (4*) on quality and impact. The recognised ‘gold standard’ for this process is close reading by a few internal academics, but this is time-consuming, onerous, and subject to the relatively limited perspective of just a few people.  …

Prediction markets capture the ‘wisdom of crowds’ by asking large numbers of people to bet on outcomes of future events – in this case how impactful a research project will be in the next REF assessment. It works a bit like the stock market, except that, instead of buying and selling shares in companies, participants buy and sell virtual shares online that will pay out if a particular event occurs – for instance, if a paper receives a 3* or above REF rating.  …”