Cited by 331Meta-analysis and systematic reviewsPsychology Research and BibliometricsDecision-Making and Behavioral Economics

The DOI matches its Crossref record; 79 of the 79 references it cites were found in a registry or an index.

Using prediction markets to estimate the reproducibility of scientific research

Open access
Dreber, Anna, Pfeiffer, Thomas, Almenberg, Johan, Isaksson, Siri, Wilson, Brad, Chen, Yiling, Nosek, Brian A., Johannesson, Magnus·2015·Proceedings of the National Academy of Sciences

Abstract

Concerns about a lack of reproducibility of statistically significant results have recently been raised in many fields, and it has been argued that this lack comes at substantial economic costs. We here report the results from prediction markets set up to quantify the reproducibility of 44 studies published in prominent psychology journals and replicated in the Reproducibility Project: Psychology. The prediction markets predict the outcomes of the replications well and outperform a survey of market participants' individual forecasts. This shows that prediction markets are a promising tool for assessing the reproducibility of published scientific results. The prediction markets also allow us to estimate probabilities for the hypotheses being true at different testing stages, which provides valuable information regarding the temporal dynamics of scientific discovery. We find that the hypotheses being tested in psychology typically have low prior probabilities of being true (median, 9%) and that a "statistically significant" finding needs to be confirmed in a well-powered replication to have a high probability of being true. We argue that prediction markets could be used to obtain speedy information about reproducibility at low cost and could potentially even be used to determine which studies to replicate to optimally allocate limited resources into replications.

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Research works printed but not linked: 2

  1. Z Maniadis, F Tufano, JA List, One swallow doesn’t make a summer: How economists (mis-) use experimental methods and their results. Am Econ Rev 104, 277–290 (2014).
  2. R Hanson, Decision markets for policy advice. Promoting the General Welfare: American Democracy and the Political Economy of Government Performance, eds EM Patashnik, AS Gerber (Brookings Institution Press, Washington, DC), pp. 151–173 (2006).

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Metadata

Authors
Dreber, A., Pfeiffer, T., Almenberg, J., Isaksson, S., Wilson, B., Chen, Y., Nosek, B. A., & Johannesson, M.
Affiliations
  • Stockholm School of Economics (SE)
  • Institute for Advanced Study (DE)
  • Swedish National Bank (SE)
  • Consensus Point, Nashville, TN 37203;
  • Harvard University (US)
  • Center for Open Science (US)
Venue
Proceedings of the National Academy of Sciences
Published
2015-11-09
Volume
112
Issue
50
Pages
15343-15347
ISSN
  • 0027-8424 (ISSN-L)
  • 1091-6490
OpenAlex
W2145409614
Cited by
331
References
78
Citations by year
2026: 15 · 2025: 21 · 2024: 22 · 2023: 31 · 2022: 53 · 2021: 41 · 2020: 55 · 2019: 34 · 2018: 26 · 2017: 17 · 2016: 14 · 2015: 2
FWCI
19.77
Type
journal article
Language
en
Open access
Locations
  • Proceedings of the National Academy of Sciences (publishedVersion)
  • PubMed Central (publishedVersion)
  • PubMed (publishedVersion)
  • Digital Access to Scholarship at Harvard (DASH) (Harvard University) (submittedVersion, cc-by)
Topics
  • Social Sciences › Decision Sciences › Statistics, Probability and Uncertainty › Meta-analysis and systematic reviews
  • Social Sciences › Psychology › Experimental and Cognitive Psychology › Psychology Research and Bibliometrics
  • Social Sciences › Decision Sciences › General Decision Sciences › Decision-Making and Behavioral Economics
Keywords
prediction markets, reproducibility, replication, Reproducibility Project: Psychology, statistical significance, hypothesis testing, replication study
MeSH terms
Commerce, Forecasting, Probability, Surveys and Questionnaires, Research, Science, Reproducibility of Results

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