The eLab eXchange has just launched "The Web of Misery," a prediction market tournament with 10 markets that reflect new online indicators of economic distress. Come and give it your best shot - forecast just how bad you think the economy is going to get in the next few months! Here's one of the markets:
During periods of economic hardship, conventional wisdom suggets that some people tend to increase their level of certain behaviors, for example, they may "cling to guns or religion," or perhaps turn to alcohol or gambling in an attempt to relieve any pressures they may be feeling about a "rough patch." Additionally, the skyrocketing costs of food, health care and gas, not to mention the real estate downturn, suggest that, in general, many consumers will become more careful about how they spend their hard-earned dollars. The Web of Misery captures 10 of these behaviors and let's you forecast their impact. The outcome of these 10 markets will be determined early in the third quarter of 2008 using Nielsen Online's NetView audience measurement service. It’s free to join and play and you can win prizes based on how close you come to getting it right. If your predictions are really good, you could even win the $500 mega-prize! Try your hand at judging the impact of the economic slowdown and sign up at eLab eXchange today! 
10 comments ↓
Great post Ms. Hoffman. The discount rate cut has caused mortgage rates to rise because the cut in the discount rates fuels inflation fears. Inflation fears cause mortgage rates to rise which is what happened. Many in the real estate industry feel mortgage rates must get to 5% or less for a 30 year mortgage to make a positive impact on the depressed real estate market. I predict bankrate will get 45,000 visitors in the time mentioned.
On a separate note, people are turning to drastic measures with the condition of the economy. Sadly, I spoke to a seller in north Idaho that found information about short sales on my website. He was disturbed because he was going through a divorce and upside down in his home. I referred this man to a Realtor in his area. The Realtor sadly emailed me this past weekend to tell me the client I referred her committed suicide.
I recently read that many across the country are now turning to credit cards to make ends meet. I don’t think we have seen the worse of this economic downturn.
What an interesting contest! I will follow the link. With the high cost of gas and commodities, I agree with your post that people will be more cautious of how they spend their money and that will directly affect real estate I am sure. I will be curious to see whose predictions are correct!
This sounds like a lot of fun, I will have to head over and cast a vote. I would be willing to wager that with the BankRate.com, the numbers will as expected, jump very high over the course of the next few months. Thanks for pointing out the contest.
Wonderful post Donna, I just completed my entry and hit the submit key. These are all very interesting topics and I bet you will get a lot of interest. There are a lot of people looking for answers with the economy the way it is and I am interested in seeing the final results.
I’m sure I won’t come close, but I shall see you all on the battlefield.
I think this will be a very interesting expieriment. Ever since I was a young boy I found studies of this nature fascinated me. Yes Mr. Nick Smith I shall see you on the battlefield. Good Post.
I don’t really understand how this is going to work, actually. It seems to have an interesting premise though, I’m in.
I’ve been drinking and gambling my whole life because I don’t have enough money. My $ is on that one.
My area has always been blessed with a robust economy, until recently. I’ve never seen so many businesses close. It’s alarming.
Unfortunately in today’s society many people are increasingly turning to crime, i.e. gas drive-offs, etc. As if some actually needed an excuse for crime.
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