University of Iowa News Release
Jan. 26, 2004
The Iowa Electronic Markets (IEM) created a new futures contract Friday for John Edwards in its Democratic National Convention Market, with his shares opening at 22 cents.
IEM prices reflect that Edwards has a 22 percent chance of winning the Democratic presidential nomination market. IEM directors spun off Edwards contracts from a "rest of field" contract after those contracts reached 20 cents.
John Kerry had a strong week in the IEM, and his price was at 54 cents Friday. Howard Dean had dropped to 13 cents, followed by Wesley Clark at 9 cents on Friday.
The Iowa Electronic Markets (http://www.biz.uiowa.edu/iem) are real-money, web-based futures markets run by professors at the University of Iowa's Henry B. Tippie College of Business. For an investment of as little as $5 or as much as $500, traders can buy and sell futures contracts based on who they believe has the best chance to win the 2004 Democratic presidential nomination.
The IEM has 4,442 traders with $142,089 invested in the markets. For detailed information and latest prices in the markets, see http://www.biz.uiowa.edu/iem. For graphs showing IEM prices since the market opening in February 2003 see http://18.104.22.168/graphs/graph_DConv04.cfm.
STORY SOURCE: University News Service, 300 Plaza Centre One, Iowa City,