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The University of Southampton
Centre for Risk Research

‘Significant Profits’ flow from ‘Wisdom of the Crowd’ project

Published: 2 October 2014
Models of people

Members of the Centre for Risk Research (CRR), led by Professor Ming-Chien Sung, Dr Tiejun Ma and Professor Johnnie Johnson, have successfully completed a 1-year collaboration with WBX, a leading operator of prediction markets (exchanges for trading on uncertain outcomes of sporting, political and entertainment events).

WBX logo

The project was undertaken under the Knowledge Transfer Secondment scheme joint-funded by the Engineering and Physical Sciences Research Council (EPSRC) and WBX. As part of the project, CRR research fellow Dr David McDonald was seconded to WBX to apply innovative research in modelling uncertainty to enhance their competitiveness. The CRR were able to use their expertise in discrete choice modelling and real-time Big Data analysis to provide WBX with sophisticated data cleaning algorithms and unique statistical modelling tools.

EPSRC logo

WBX were delighted with the outcomes. They said that the project ‘has highlighted future directions for WBX which we believe have highly significant profit potential. We developed an excellent working relationship with members of the project team from the CRR and expect this to continue in the future. The project demonstrated to us the valuable ideas and expertise which are available to businesses within universities.' David McDonald found the project highly rewarding, commenting that  'the collaboration has been a great success and opened my eyes to the positive role of academic research in UK industry. I have been able to improve my industry-relevant skills, and this year has represented an important stepping stone in my career as a whole.'

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