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. The Wall Street Journal blogged about it recently. 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:

Bankrate.com prediction market

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!