The article in the url below shows how nonprofits are using an increasingly popular online tool, prediction markets (e.g., the Iowa Electronic Markets, http://www.biz.uiowa.edu/iem/), as a way of raising money for specific causes (Issues: Profit, p200).
On the website https://bet2give.com/, anyone can bet money on events such as the outcome of the Presidential race, or any current affairs, business, or sports event of interest, with the profits won on the bets being donated to a specific charity nominated by the individual:
“Since its debut last September, Bet2give (http://www.bet2give.com/) has attracted about 400 traders and donated about $1,000 to charities that include Kiva, the Nature Conservancy, and National Public Radio.”
The article also profiles an idea by the Long Now Foundation (http://www.longnow.org/) that also draws on prediction markets to generate debate over ideas of social and scientific interest/importance, while raising money for worthwhile causes:
“Its "Long Bets" site (http://www.longbets.org/) charges registered users $50 to publish a prediction that must be socially or scientifically important. Once the prediction is made, registered users can discuss it and challenge the person to turn it into a bet. … When the bet terms are met, either by a date or a predicted event happening, and the winner is decided, the money is sent to a charity of the winner's choice.”
Have a good weekend.
Dave
Bill Werther & David Chandler
Strategic Corporate Social Responsibility
© Sage Publications, 2006
http://www.sagepub.com/Werther
Non-profits place a bet on prediction markets
By LAUREN FOSTER
770 words
19/20 April 2008
Financial Times
London Ed1
Page 4
http://www.ft.com/cms/s/0/4c2f786e-0da7-11dd-b90a-0000779fd2ac.html
