Prediction (or information) markets are markets where participants trade contracts whose payoff depends on unknown future events. Studying prediction markets allows to avoid many problems, which arise in some artificially designed behavioral experiments investigating collective decision making...

I propose a class of hybrid models to describe and predict the dynamics of a multivariate stationary random vector, e.g. a vector of stock returns. These models combine essential features of the multivariate mixture normal distribution and the conditional correlation models. I describe in detail...