Social Policy Bonds and prediction markets

I haven't thought much about prediction markets, which are:

...speculative markets created for the purpose of making predictions. Assets are created whose final cash value is tied to a particular event (e.g., will the next US president be a Republican) or parameter (e.g., total sales next quarter). The current market prices can then be interpreted as predictions of the probability of the event or the expected value of the parameter. Prediction markets are thus structured as betting exchanges, without any risk for the bookmaker. Wikipedia

There appears to be some evidence that they are better than pundits at forecasting election results or share prices. I've tended to ignore them because their focus is on speculation or (possibly) hedging against possible events, rather than generating incentives to modify behaviour and bring about positive changes. But they are, in principle, not very different from Social Policy Bonds. An organization could enter a prediction market and place a bet against , say, literacy in Pakistan rising to 99%. If the bet were big enough, that would create an incentive for people not only to take take the bet and wait passively for literacy to rise, but actively to help the process along, perhaps by initiating new projects or financing existing literacy-raising schemes on the expectation of winning their bet.

It strikes me that we could start with smaller objectives, using one of the current prediction market platforms. Does anyone have a pet project they want to see carried out? If you have suggestions or would like to discuss this possibility, please email me directly.