Can Twitter predict the future?

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The idea of tapping web-based data to build a real-time measure of users’ emotions and preferences is not new. Nor is that of using the results to predict their behaviour. Interest in internet forecasting was sparked by a paper published in 2009 by Hal Varian, Google’s chief economist. He found that the peaks and troughs in the volume of Google searches for certain products, such as cars and holidays, preceded fluctuations in sales of those products. Other researchers have shown that searches for job-related terms are a good predictor of unemployment rates and that mentions of political candidates on Twitter correlate with electoral outcomes.

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