Economists believe that markets are exceptionally efficient aggregators of information. This research tests this theory by asking whether markets can successfully predict uncertain outcomes. Specifically, the UBC Election Stock Market (UBC-ESM) was created to see if market prices could be accurate predictors of the outcome of the 1993 Canadian federal election. This paper presents the results of this experiment in which over 250 traders from across Canada and the United States participated, investing over $30,000. The structure and workings of the market are explained in some detail and the performance of the market is reviewed. The market predicted the popular vote shares of the major parties very well, but did less well at predicting the split of seats between the Liberal and Conservative parties. Coauthors are Murray Frank, Vasu Krishnamurthy, and Thomas W. Ross.