Bernd Skiera, Martin Spann
Opportunities of Virtual Stock Markets
to Support New Product Development
1 Introduction........................................................................................................................ 3
2 Opportunities of the Internet for New Product Development..................................... 4
3 Virtual Stock Markets and Their Use in New Product Development Stages............. 5
4 Empirical Study.................................................................................................................. 8
4.1 Design of the Study .................................................................................................. 9
4.2 Forecast Accuracy..................................................................................................... 9
4.3 Performance Compared to Expert Judgments .................................................... 11
4.4 Factors Influencing Forecast Error ....................................................................... 12
5 Summary and Conclusions............................................................................................. 13
6 References ......................................................................................................................... 14
Bernd Skiera, Martin Spann
2
Opportunities of Virtual Stock Markets to Support New Product Development
1 Introduction
Although the Internet has not fulfilled all expectations of the stock markets, it has been
adopted by many consumers and companies all around the world. Recent studies
report a 53.5% adoption rate among consumers in Germany (Eimeren et al. 2003) and a
60% adoption rate among consumers in the United States (Rayport and Jaworski 2001).
In Western Europe alone, more than 250 Mio. consumers are expected to have access to
the Internet in 2005 (European Information Technology Observatory 2004). Worldwide
business‐to‐business electronic commerce is expected to be greater than 1 Trillion USD
in 2003 (Rayport and Jaworski 2001). This wide acceptance of the Internet alters prod‐
uct development (Dahan and Hauser 2002). Yet, new product development still re‐
mains difficult and costly (Di Benedetto 1999, Brockhoff 1999). The flop rates of newly
launched products remain high over the years, often surpassing 50% (Urban and
Hauser 1993). Hence, even small improvements in the new product development
process can have a major effect on companiesʹ profits and competitive advantage if this
flop rate is reduced.
Therefore, new methods to improve new product development are of high relevance
for companies. Virtual stock markets could be such a method. They have recently
gained much attendance (Spann and Skiera 2003c, Wolfers and Zitzewitz 2004, Polk et
al. 2003) and even the Pentagon considered virtual stock markets as a tool to better
forecast economic and political stability (Hulse 2003). The basic idea of virtual stock
markets is to make future events or market situations expressible and tradable through
virtual stocks (Spann and Skiera 2003b, Forsythe et al. 1992). Thereby, the cash divi‐
dend (payoff) of such shares of virtual stocks depends on a particular outcome, e.g.,
the success of a software development project (Ortner 2000), product sales (Plott 2000),
goodness of new product concepts (Chan et al. 2002) or new product sales (Spann and
Skiera 2003a). Studies show that virtual stock markets might have the potential to
support new product development successfully (Spann and Skiera 2003a). Yet, none of
those studies provided a comprehensive analysis about the particular stages of new
product development that might be supported. In addition, little is known about the
factors that influence the forecasting accuracy of virtual stock markets.
Therefore, the aim of this paper is to analyze the opportunities of virtual stock markets
to support new product development and to empirically determine factors that influ‐
ence the forecasting error of virtual stock markets. For that reason, we analyze in Sec‐
tion 2 the impact of the Internet on new product development. Section 3 describes
virtual stock markets and their opportunities to support the different stages of the new
product development process. In Section 4, we describe an empirical study that uses
virtual stock markets to forecast the success of new products, compare forecasting
accuracy with those of expert judgments and analyze the factors that influence forecast
accuracy. Section 5 summarizes the implications of the paper.
3
Bernd Skiera, Martin Spann
2 Opportunities of the Internet for New
Product Development
Brockhoff (1999) proposes to distinguish five stages of the new product development
process, namely (i) idea generation and screening, (ii) development of product con‐
cepts, (iii) research & development, design and engineering of product prototypes, (iv)
product testing and (v) product launch. Others share this point of view (Urban and
Hauser 1993, Dahan and Hauser 2002). Therefore, we use these five stages to structure
the different ideas that have been proposed to support new product development (see
Figure 1).
Figure 1: Opportunities of the Internet to support stages of new product development
Stages of New Product Opportunities of the Internet
Development to Support NPD
Idea generation • Analysis of Online Communities and
& screening Newsgroups
• Web-based Creativity Contests
• Web-based Lead User Identification
Product
• Web-based Conjoint Analysis
Concepts
• Web-based Design Collaboration
Design &
Tools to link multinational
Engineer
development teams
• Web-based Concept Testing (e.g.,
Product
communities)
Testing
• Promotion via Communities
Product
• Product Websites (e.g., movies)
Launch
Figure 1 provides an overview of the opportunities of the Internet to support new
product development. The idea generation and screening stage can be supported in
several ways by the Internet. Online communities and newsgroups can be systemati‐
cally analyzed for new product ideas. In addition, creativity and idea generation con‐
tests can be easily organized via the Internet (Ernst et al. 2004). Thereby or in connec‐
4
Opportunities of Virtual Stock Markets to Support New Product Development
tion with an online survey, a company can try to identify lead users, which it can then
use as a source for new product ideas (Urban and Von Hippel 1988, Brockhoff 2000).
In the product concept stage, consumer preferences for different new product concepts
can be evaluated via web‐based preference elicitation tools such as conjoint analysis.
Thereby, the presentation of new product concepts as well as the preference elicitation
method can be conducted completely online, saving time and money, as well as mak‐
ing use of the graphic and audio capabilities of the world wide web to depict virtual
products and product features ((Dahan and Hauser 2002, Dahan and Srinivasan 2000,
Ernst and Sattler 2000). In addition, the computational capabilities of the Internet al‐
low to dynamically adapt web‐pages in real time (Toubia et al. 2003).
Web‐based design collaboration tools, such as computer aided design (CAD) and
computer aided manufacturing (CAM), linked to a companyʹs knowledge manage‐
ment system, can support interaction between multi‐regional and multi‐national R&D‐
teams. Further, such tools and online communities in a company intranet as part of its
knowledge management system can enhance collaboration between different depart‐
ments engaged in the design and engineering stage of the new product development
process (Grover and Davenport 2001).
Product prototypes can be tested among an online community as part of the product
testing stage (Panten et al. 2001). Web‐based preference elicitation tools can be applied
at this stage as well.
The launch of a product can be supported by specific product websites (e.g. for mov‐
ies), which inform consumers about the product and thereby help to reduce buyer
uncertainty for fairly new products. Further, new products can be promoted via online
communities and newsgroups (Albers et al. 1998). In addition, product placements in
Online games can provide a new opportunity to promote products.
3 Virtual Stock Markets and Their Use in
New Product Development Stages
The idea of virtual stock markets is to bring a group of participants together via the
Internet and let them trade shares of virtual stocks. These stocks represent a bet on the
outcome of particular future events and their value depends on the realization of these
events. Once the occurrence of the particular event is known, each share of virtual
stock receives a cash dividend (payoff) according to that particular event (e.g., $1 for
each unit sold). As those ʺstocksʺ are actually securities because their terminal values
are contingent upon the outcome of an uncertain event, some authors use the label
ʺsecurityʺ (Dahan and Hauser 2002, Chan et al. 2002). However, in accordance with the
5
Bernd Skiera, Martin Spann
major part of the literature dealing with virtual stock markets (e.g., Forsythe et al.
1992, Forsythe et al. 1999, Spann and Skiera 2003b), we use the denomination ʺstocksʺ
because that makes the concept easier to understand for the major part of the partici‐
pants.
Such types of virtual stock markets were first applied in the form of a political stock
market to predict the outcome of the Bush vs. Dukakis US presidential election in 1988
(Forsythe et al. 1992). Afterwards, virtual stock markets were used to predict the re‐
sults of many other elections (Forsythe et al. 1999, Spann 2002). Later on, researchers
started to apply virtual stock markets to solve business problems. Ortner (2000) uses
virtual stock markets for the success of a software development project, Plott (2000) for
predicting product sales and Spann and Skiera (2003a) for forecasting new product
sales. Most recently, the Pentagon intended to use virtual stock markets to derive fore‐
casts concerning foreign policy events, e.g., a coup dʹétat in certain countries (Polk et
al. 2003, Spann and Skiera 2003c).
The basic idea behind virtual stock markets is that the price of one share of a virtual
stock should correspond to the virtual stock marketʹs aggregate expectations of the
event outcome because participants of the virtual stock markets use their individual
assessment of the particular event to derive an individual expectation of the cash divi‐
dend of the related share of virtual stock. According to the Hayek hypothesis, the
market mechanism should be the best way to aggregate the individual assessments,
because the price mechanism on a competitive market is the most efficient instrument
to aggregate the asymmetrically dispersed information of market participants (Hayek
1945, Smith 1982).
Virtual stock markets can be used as an information gathering tool to support new
product development. The different opportunities of virtual stock markets to provide
market intelligence in the new product development process are displayed in Figure 2,
again using the distinction into five stages proposed by Brockhoff (1999).
In the idea generation and screening stage an online community can be created, which
is organized around existing products that are traded on a virtual stock market. One
example is the Hollywood Stock Exchange (www.hsx.com) that performs a virtual
stock market on the success of new movies and contains a major virtual community
dealing with movie related topics. Thus, trading on the virtual stock market stimulates
consumers to express and discuss new product ideas as well as new product success
factors in the online community. The systematic analysis of this community can pro‐
duce new product ideas (Ernst et al. 2004). Further, participants of this virtual stock
market can be analyzed in order to detect lead users (Spann et al. 2003).
In the product concept stage, a virtual stock market can try to assess consumersʹ ag‐
gregated preferences for different new product concepts taken up ideas that have been
proposed by Chan et al. (2002). One major problem of the design applied by Chan et
al. (2002) is that the payoff value of stocks and thus the assessment of product concepts
6
Opportunities of Virtual Stock Markets to Support New Product Development
could be biased by a self‐fulfilling prophecy (Spann and Skiera 2003a). The reason is
that Chan et al. (2002) use the final price in the stock market as payoff value. Spann
and Skiera (2003a) propose a design modification of a payoff based on the results of
two parallel experimental groups that might solve this problem if each groupʹs final
stock price is used as the payoff for the stock prices of the other group.
At the design and engineering stage, different design and development solutions can
be evaluated at a virtual stock market on a companyʹs intranet. Thereby, the assess‐
ments on the feasibility and efficiency of different construction and manufacturing
solutions can be traded by one or several R&D‐teams. Further, the inclusion of mem‐
bers for the marketing department as traders can add market‐related information.
Virtual stock markets might especially be beneficial in such situations because the
aggregation of the individual estimates will not be biased due to different positions in
a companyʹs hierarchy (Spann 2002). Spann and Skiera (2003a) show in a different
context that even virtual stock markets with only 12 participants are large enough to
get good results.
Figure 2: Opportunities of Virtual Stock Markets to Support New Product Development
Stages of New Product Opportunities of Virtual Stock
Development Markets to Support NPD
Idea generation • Analysis of Online Community
& screening centered around product related VSM
• Lead User Identification via VSM
Product
Concepts ⎫
⎪
⎪ • Concept & Product Testing via VSM
Design &
Engineer ⎬ • Combination of VSM and traditional
⎪ marketing research methods
Product
Testing ⎪
⎭
Product • Pre-Launch Forecasting
Launch • Identification of Target Groups
Product prototypes can be tested in a virtual stock market so that participants can
trade their assessments on the market success of these different prototypes (Chan et al.
7
Bernd Skiera, Martin Spann
2002). Thereby, additional information could be elicited by combining a virtual stock
market with traditional survey and focus group methods on the same set of consum‐
ers, because trading in the virtual stock market can stimulate consumers to focus on
the subject and quantify their assessment of market success (Spann and Skiera 2003b).
Virtual stock markets can be used for pre‐launch forecasting of a productʹs market
success. Such forecasts are very useful for a company in order to optimize their prod‐
uct‐launch related marketing instruments. For example, a movie studio can use this
information to decide on promotions and advertising related to the movieʹs release.
Movie exhibitors can plan on whether to display the movie in large or small theatres.
(Spann and Skiera 2003b). Further, an analysis of tradersʹ portfolios and trading behav‐
ior might be useful for the analysis of target groups (Spann and Skiera 2003a).
Compared to other knowledge gathering techniques applicable in the new product
development process, virtual stock markets offer the following advantages (Spann and
Skiera 2003b, Dahan and Hauser 2002): First, they allow for an almost real‐time reac‐
tion of stock prices to additional information and, hence, a very quick prediction of the
impact of that information on future market situations. Second, it does not burden the
researcher with the task of weighting and aggregating different expert judgments as
this is achieved by the trading mechanism implemented in the virtual stock market.
Participants, for example, weight their assessments by the volume and the price of the
purchase or sale order they place or accept. Third, once established, a virtual stock
market can operate at rather moderate operating costs, e.g. for repeated new product
concept tests. Fourth, a virtual stock market provides participants with an incentive to
reveal their true assessments (Forsythe et al. 1999), if an adequate remuneration is
properly linked to the participantsʹ performance on the virtual stock market. Hence,
whereas many consumer surveys remunerate consumers for their participation at a
survey, a virtual stock market usually remunerates participants for their successful
participation (Spann and Skiera 2003b, Dahan and Hauser 2002). Wertenbroch and
Skiera (2002) show, for example, that consumersʹ willingness‐to‐pay differs signifi‐
cantly according to the incentive structure being provided. Finally, participants in a
virtual stock market might have more fun than their counterparts partaking in con‐
sumer or expert surveys (Dahan and Hauser 2002).
4 Empirical Study
The goal of the following empirical study is to analyze the use of a virtual stock mar‐
ket to predict the success of new products prior to their launch. Thereby, we analyze
the feasibility, the forecast accuracy and the factors influencing forecast accuracy of a
virtual stock market to predict the success of new products, namely the success of
8
Opportunities of Virtual Stock Markets to Support New Product Development
movies in Germany. Movies face high financial stakes for production and marketing, a
significant failure rate, and rather unstable market conditions. (e.g., Sawhney and
Eliashberg 1996 or Eliashberg et al. 2000). Hence, we look at a virtual stock market that
has been used as a pre‐launch forecasting tool in the product launch stage.
4.1 Design of the Study
We conducted the movie exchange (www.CMXX.com) seven times for the prediction
of movies, using our own virtual stock market software (the first round also included
the chart position of 11 pop music singles in Germany which we omit for our analysis).
We conducted a virtual stock market for the prediction of the box‐office success (num‐
ber of visitors) of movies in Germany. During the seven rounds of CMXX, virtual
stocks for ten to fifteen movies were traded in each round. In total, virtual stocks were
traded for eighty‐one movies. At the end of CMXX, each share of movie stock received
a cash dividend (payoff) according to the total number of visitors of the respective
movie in Germany until the end of the specific round.
Prices were limited to $3,000 (virtual) in the first round, and $3,500 (virtual) in the
following rounds for movie stocks, considering that more than 3,000,000 and 3,500,000
movie visitors were unrealistic in Germany. In the first round, CMXX provided non‐
monetary incentives in the form of a ʺGolden Recordʺ and ten music CDs for the par‐
ticipant with the highest portfolio value, five and three music CDs respectively for the
participants with the second and third highest portfolio values. Four sets of movie
merchandise were given to randomly chosen participants ranking fourth to one hun‐
dredth according to final portfolio value. In the second to seventh rounds, the partici‐
pant with the highest portfolio value in each round received an annual ticket for a
large German movie exhibitor; the participants with the second and third highest
portfolio value received ten free movie tickets and a set of movie merchandise, respec‐
tively. Table 1 provides an overview of the design of the movie exchange.
4.2 Forecast Accuracy
The price of a share of a movie stock represents a prediction of the number of visitors
for the selected movie up until the end of the specific round. Thus by multiplying the
stock price with 1,000, the forecast of a movieʹs number of visitors can be easily de‐
rived.
9
Bernd Skiera, Martin Spann
Table 1: Design of the Movie Exchange
Step Decisions
Choice of Forecasting Goal Forecasting the number of movie visitors in Germany
Payoff function: Movie visitors in Germany: 1 virtual Euro per
1,000 visitors of a movie
Duration: First round: 22 January – 5 February 2001;
[Second to seventh rounds: Duration of one month each between
May and October 2001]
Open to the public; participants can join at any time
Incentives for Composition of Initial Portfolios / Endowment:
Participation and
Endowment of 100 shares of each type of movie stock and
Information Revelation
$500,000 [$250,000] (virtual) per participant
Provision of loans up to $500,000 [$250,000] (virtual) at no interest
rate per participant
Remuneration / Incentive Mechanism:
Nonmonetary rewards
Rank-order tournament: Rewards for participants with the highest,
second highest and third highest increase in (virtual) portfolio
value (annual movie ticket, 10 free movie tickets, movie merchan-
dize)
Time interval: Whole virtual stock market duration
Incentives not based on performance: First round: Lottery for four
rewards among participants ranked fourth to one hundredth
Financial Market Design Double auction trading mechanism with open order book
Trading times: Twenty-four hours a day, seven days a week
No short trading
Order types: Limit and market without temporal restriction
No position limits, maximum price limits of 3,000 [3,500] for movie
stocks
No trading fee
In each round, the movie exchange attracted around fifty actively trading participants.
The forecasts derived from CMXX used the price of the last trade of a specific type of
stock before trading was stopped at the end of a specific round. CMXX faced the prob‐
lem that it included movies with very few visitors and presumably little information
available among the participants (e.g., the movie ʺalthan.comʺ had only 20,000 visitors
compared to 2,296,000 visitors for ʺUnbreakableʺ). Consequently, forecast accuracy for
10
Opportunities of Virtual Stock Markets to Support New Product Development
the less publicized movies below 100,000 visitors was rather bad with an absolute
percentage error of above 100% each (see Table 2).
Table 2: Forecast Error of Movie Exchange
APE Round 1 Round 2 Round 3 Round 4 Round 5 Round 6 Round 7 Overall
Movie 1 .024 26.889 .096 .050 .048 .012 .030
Movie 2 2.776 .232 .061 .198 .010 5.000 .028
Movie 3 .332 .031 .400 .130 .032 .252 .505
Movie 4 .190 .570 1.667 .956 .170 .018 .031
Movie 5 .057 .307 .123 2.824 .333 .053 .190
Movie 6 .141 .222 .208 .055 .102 .189 n.a.
Movie 7 9.667 .170 .378 .407 5.600 1.000 .281
Movie 8 .705 2.784 7.214 .297 .153 .250 2.049
Movie 9 3.516 .005 .074 .835 .701 n.a. .040
Movie 10 .630 3.839 2.258 2.390 3.115 .080 .500
Movie 11 .250 .263 49.000 1.041 1.935 n.a. .013
Movie 12 13.318 1.174 .479 3.895
Movie 13 .118
Movie 14 .133
Movie 15 5.507
MAPE 1.663 3.626 5.589 .863 1.109 .733 .687 2.119
Median .332 .263 .378 .621 .170 .220 .190 .263
Min .024 .005 .061 .050 .010 .012 .013 .010
Max 9.667 26.889 49.000 2.824 5.600 5.000 3.895 49.000
Bold print: Movies having over 100,000 visitors.
n.a.: Movie release postponed.
APE: Absolute Percentage Error.
4.3 Performance Compared to Expert Judgments
The performance of the CMXX results is compared to corporate expert predictions
from the management of a large German movie exhibitor that we were able to collect
for the first two rounds but not for additional rounds (see Table 3). We compare the
predictions of CMXX directly. The expert predictions were provided approximately
one week before the end of each round of CMXX and were not made available to the
participants of CMXX. The CMXX hit rate in the first round was six out of ten for mov‐
ies (for the eleventh movie the CMXX prediction and the expert prediction were iden‐
tical). In the second round, the CMXX hit rate was eleven out of fifteen in comparison
to the expert predictions from the movie exhibitor. Table 3 compares the Mean Abso‐
11
Bernd Skiera, Martin Spann
lute Percentage Error (MAPE) of CMXX to that of the expert predictions for movies
having over 100,000 visitors. The forecasts of CMXX are significantly better than those
of the experts, indicating that either CMXX performed well and/or that the experts
performed poorly.
Table 3: Comparison between Predictions of CMXX and Experts (Movies > 100ʹ visitors)
CMXX % improvement (p-
Instrument CMXX: MAPE Experts: MAPE a)
value)
Round 1* 13.83% 47.46% 70.86% (.331)
Round 2* 20.50% 115.73% 82.29% (.010)
Round 1+2* 18.59% 96.20% 80.68% (.005)
a)
Percentage of improvement of CMXX over alternative expert judgments:
= [MAPE Expert – MAPE CMXX] / MAPE Expert (two-tailed paired t-test for difference)
* Movies having over 100,000 visitors.
MAPE: Mean Absolute Percentage Error.
4.4 Factors Influencing Forecast Error
The results of our empirical study demonstrate, that virtual stock markets can some‐
times produce rather weak results. Therefore, it is important to derive factors which
can indicate the expected forecast accuracy of a virtual stock market. In this section we
will analyse the influence of different exogenous and endogenous factors on the fore‐
cast error of the movie exchange. Exogenous factors are the ones which are not derived
from the virtual stock market itself, but rather depend on the product being used on
the virtual stock market: the distribution intensity of movies in the form of the number
of screens a movie is released on opening weekend as well as the genre of a movie (see
Table 4). Endogenous to the stock market is the stock price volatility of a specific stock
on the last 5 days of trading at the virtual stock market.
Table 4: Coding According to Genre of Movie
Movie Genre Action/Thriller Drama/Romance Comedy Rest
Number of Movies 22 18 26 15
ANOVA (Impact of genre on forecast error): F-Value = 1.116, p-value = .348
12
Opportunities of Virtual Stock Markets to Support New Product Development
Table 5 displays the estimation results for the influence of endogenous and exogenous
factors on the forecast error of all 81 movies traded at the movie exchange. Thereby,
only price volatility and the number of movie screens at the opening weekend exert a
significant influence. However, these two variables (one exogenous and one endoge‐
nous) display a significant negative correlation (Pearson: ‐.400 (p‐value: .000)). Thus,
both, the exogenous factor of the number of screens, as well as the endogenous factor
of price volatility can indicate the expected forecast accuracy of the virtual stock mar‐
ket. If we omit from the 81 movies the 20% having the highest price volatility, then the
mean forecast error reduces from 211.9% to 97.13%. The cut of value for the price vola‐
tility is a coefficient of variation of 0.509 or 50.9% in this case. Analogously, if we omit
from the 81 movies the 20% having the lowest number of screens on opening weekend,
then the mean forecast error reduces from 211.9% to 69.79%. The cut of value for the
number of screens is 119 in this case. The latter results are in line with the forecasting
errors (71.1%) of Sawhney and Eliashberg (1996) in a study to predict the box‐office
revenues for ten movies.
Table 5: Estimation Results for Factors influencing Forecast Error of Movie Exchange
Parameter value (standardized) Model 1 Model 2 Model 3
a
Constant (p-value) (.008) (.000) (.613)
b
Price volatility (p-value) .153 (.199) .277 (.012)
Number of Screens (p-value) -.289 (.024) -.319 (.004)
DV_Action_Thriller (p-value) -.252 (.078)
DV_Drama_Romance (p-value) -.227 (.123)
DV_Comedy (p-value) -.229 (.127)
2
R .171 .102 .077
F-Value (p-value) 3.084 (.014) 8.955 (.004) 6.584 (.012)
N = 81 Movies
a
Constant: No value for standardized parameters.
b
Measured as coefficient of variation.
5 Summary and Conclusions
The results of the empirical study show that virtual stock markets can provide better
predictions than expert judgments. Yet, there is no guarantee that virtual stock mar‐
13
Bernd Skiera, Martin Spann
kets lead to good results and the empirical study shows that virtual stock markets
might also provide some rather weak forecasts. The promising result, however, is that
the forecasting error might be further reduced by recognizing the factors that had a
negative influence on forecasting accuracy in previous virtual stock markets. There‐
fore, the repeated use of virtual stock markets allows to develop good indicators for
the expected forecast accuracy and the price volatility might serve as a general indica‐
tor for a VSMʹs predictive validity.
Virtual stock markets seem to provide promising opportunities to support the new
product development process and the recent publications indicate that the use of vir‐
tual stock markets might provide many benefits for companies. As most of these op‐
portunities have gained very little attention in literature, virtual stock markets might
be a rich field for further studies in the area of new product development. The avail‐
ability of a flexible software solution (www.virtualstockmarkets.com) will support
research in this area.
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