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• 17 Mar 15
  
• 09 Nov 14
  

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  The definition of Wisdom of crowds
  
  The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.

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  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.
  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.
  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.

  1 more annotation...

• 28 Jan 14
  

  shane mcloughlin
  • urowiecki studies situations (such as rational bubbles) in which the crowd produces very bad judgment, and argues that in these types of situations their cognition or cooperation failed because (in one way or another) the members of the crowd were too conscious of the opinions of others and began to emulate each other and conform rather than think differently.
  • Emotionality Emotional factors, such as a feeling of belonging, can lead to peer pressure, herd instinct, and in extreme cases collective hysteria.
  • ammet points out the potential for problems in systems which have less well defined means of pooling knowledge: Subject matter experts can be overruled and even wrongly punished by less knowledgeable persons in systems like Wikipedia, citing a case of this on Wikipedia
  • Tammet also cites the Kasparov versus the World, an online competition that pitted the brainpower of tens of thousands of online chess players choosing moves in a match against Garry Kasparov, which was won by Kasparov, not the "crowd" (which was not "wise" according to Surowiecki's criteria.)^[
  • In his book You Are Not a Gadget, Jaron Lanier argues that crowd wisdom is best suited for problems that involve optimization, but ill-suited for problems that require creativity or innovation

  3 more annotations...

• 20 Feb 13
  

  Mathew Thomas

  Wikipedia James-Surowiecki

  Wisdom-of-herds Wisdom-of-crowds Behaviour James-Surowiecki

• 11 Feb 13
  

  Neil Movold

  The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.
  The opening anecdote relates Francis Galton's surprise that the crowd at a county fair accurately guessed the weight of an ox when their individual guesses were averaged (the average was closer to the ox's true butchered weight than the estimates of most crowd members, and also closer than any of the separate estimates made by cattle experts).[1]
  The book relates to diverse collections of independently deciding individuals, rather than crowd psychology as traditionally understood. Its central thesis, that a diverse collection of independently deciding individuals is likely to make certain types of decisions and predictions better than individuals or even experts, draws many parallels with statistical sampling, but there is little overt discussion of statistics in the book.
  Its title is an allusion to Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds, published in 1841.[2]

  Wisdom of Crowds Collective Intelligence Collaborative Intelligence Collaborative Learning

  • decision markets
• 16 Dec 12
  

  ddelorme
• 27 Nov 12
  

  Ka Kit Kwok

  A Wikipedia page describing "The Wisdom of Crowds"

  isomhw4

• 17 Sep 12
  

  alex g

  VDN design methodologies

• 29 Aug 12
  

  Aleksandar Popovic
  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.
  • The opening anecdote relates Francis Galton's surprise that the crowd at a county fair accurately guessed the weight of an ox when their individual guesses were averaged (the average was closer to the ox's true butchered weight than the estimates of most crowd members, and also closer than any of the separate estimates made by cattle experts).^[1]
  • The book relates to diverse collections of independently deciding individuals, rather than crowd psychology as traditionally understood.
  • Its central thesis, that a diverse collection of independently deciding individuals is likely to make certain types of decisions and predictions better than individuals or even experts, draws many parallels with statistical sampling, but there is little overt discussion of statistics in the book
  • Its title is an allusion to Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds, published in 1841.^[2]
  • • Cooperation
     
     

     

    How groups of people can form networks of trust without a central system controlling their behavior or directly enforcing their compliance. This section is especially pro free market.
  • Consider, for example, mobs or crazed investors in a stock market bubble. According to Surowiecki, these key criteria separate wise crowds from irrational ones:
  • Criteria Description  Diversity of opinion Each person should have private information even if it's just an eccentric interpretation of the known facts.
  • Independence People's opinions aren't determined by the opinions of those around them.
  • Decentralization People are able to specialize and draw on local knowledge.
  • Aggregation Some mechanism exists for turning private judgments into a collective decision.

  • Based on Surowiecki’s book, Oinas-Kukkonen^[3] captures the wisdom of crowds approach with the following eight conjectures:

     
     
    1. It is possible to describe how people in a group think as a whole.
     
    2. In some cases, groups are remarkably intelligent and are often smarter than the smartest people in them.
     
    3. The three conditions for a group to be intelligent are diversity, independence, and decentralization.
     
    4. The best decisions are a product of disagreement and contest.
     
    5. Too much communication can make the group as a whole less intelligent.
     
    6. Information aggregation functionality is needed.
     
    7. The right information needs to be delivered to the right people in the right place, at the right time, and in the right way.
     
    8. There is no need to chase the expert.
  • Surowiecki studies situations (such as rational bubbles) in which the crowd produces very bad judgment, and argues that in these types of situations their cognition or cooperation failed because (in one way or another) the members of the crowd were too conscious of the opinions of others and began to emulate each other and conform rather than think differently. Although he gives experimental details of crowds collectively swayed by a persuasive speaker, he says that the main reason that groups of people intellectually conform is that the system for making decisions has a systematic flaw.
  • Surowiecki asserts that what happens when the decision making environment is not set up to accept the crowd, is that the benefits of individual judgments and private information are lost and that the crowd can only do as well as its smartest member, rather than perform better (as he shows is otherwise possible).^[4] Detailed case histories of such failures include:
  • Imitation Where choices are visible and made in sequence, an "information cascade"^[5] can form in which only the first few decision makers gain anything by contemplating the choices available: once past decisions have become sufficiently informative, it pays for later decision makers to simply copy those around them. This can lead to fragile social outcomes.
  • Emotionality Emotional factors, such as a feeling of belonging, can lead to peer pressure, herd instinct, and in extreme cases collective hysteria.
  • Tammet also cites the Kasparov versus the World, an online competition that pitted the brainpower of tens of thousands of online chess players choosing moves in a match against Gary Kasparov, which was won by Kasparov, not the "crowd" (which was not "wise" according to Surowiecki's criteria.)
  • In the online article Digital Maoism, Lanier argues that the collective is more likely to be smart only when 1. it isn't defining its own questions, 2. when the goodness of an answer can be evaluated by a simple result (such as a single numeric value,) and 3. when the information system which informs the collective is filtered by a quality control mechanism that relies on individuals to a high degree. Only under those circumstances can a collective be smarter than a person. If any of these conditions are broken, the collective becomes unreliable or worse.
  • In his book You Are Not a Gadget, Jaron Lanier argues that crowd wisdom is best suited for problems that involve optimization, but ill-suited for problems that require creativity or innovation.

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• 22 Apr 12
  

  dirk ward

  published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.

  crowd sourcing wisdom of crowds open source opensource social production

• 28 Nov 11
  

  Getaneh Alemu

  James Surowiecki the wisdom of crowds Galton web2.0

• 09 Nov 11
  

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• 01 Oct 11
  

  izumitelj

  crowds psychology book decision

  • Diversity of opinion Each person should have private information even if it's just an eccentric interpretation of the known facts.  Independence People's opinions aren't determined by the opinions of those around them.  Decentralization People are able to specialize and draw on local knowledge.  Aggregation Some mechanism exists for turning private judgments into a collective decision.
• 20 Sep 11
  

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• 27 Jul 11
  

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  book

• 12 Jul 11
  

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  RT @agustincnc Wisdom of The crowds, recomendado en #innosfera http://t.co/0gZTIm5

  From_twitter innosfera

• 22 May 11
  

  K Kiani

  Concept2

  • Its central thesis, that a diverse collection of independently-deciding  individuals is likely to make certain types of decisions and predictions better  than individuals or even experts
• 10 Apr 11
  

  Chris Nelson

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• 11 Mar 11
  

  Sonia Blanco

  redescine

• 27 Feb 11
  

  "The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group."

  pln research

  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.

  • Surowiecki breaks down the advantages he sees in disorganized decisions into three main types, which he classifies as

     
     
    • Cognition
     
     

     

    Thinking and information Processing

     

    Market judgment, which he argues can be much faster, more reliable, and less subject to political forces than the deliberations of experts or expert committees.

     

     
     
    • Coordination
     
     

     

    Coordination of behavior includes optimizing the utilization of a popular bar and not colliding in moving traffic flows. The book is replete with examples from experimental economics, but this section relies more on naturally occurring experiments such as pedestrians optimizing the pavement flow or the extent of crowding in popular restaurants. He examines how common understanding within a culture allows remarkably accurate judgments about specific reactions of other members of the culture.

     

     
     
    • Cooperation
     
     

     

    How groups of people can form networks of trust without a central system controlling their behavior or directly enforcing their compliance. This section is especially pro free market.
  • how can you have interaction without information cascades, without losing the independence that’s such a key factor in group intelligence?
  • they increasingly make decisions based on influence of each other and are thus less accurate
  • groupthink

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• 30 Dec 10
  

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• 24 Nov 10
  

  Gary Prior

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• 31 Oct 10
  

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• 20 Sep 10
  

  p fitz
  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.
  • Its central thesis, that a diverse collection of independently-deciding individuals is likely to make certain types of decisions and predictions better than individuals or even experts, draws many parallels with statistical sampling, but there is little overt discussion of statistics in the book.
  • Surowiecki studies situations (such as rational bubbles) in which the crowd produces very bad judgment, and argues that in these types of situations their cognition or cooperation failed because (in one way or another) the members of the crowd were too conscious of the opinions of others and began to emulate each other and conform rather than think differently. Although he gives experimental details of crowds collectively swayed by a persuasive speaker, he says that the main reason that groups of people intellectually conform is that the system for making decisions has a systematic flaw.
  • Surowiecki asserts that what happens when the decision making environment is not set up to accept the crowd, is that the benefits of individual judgments and private information are lost and that the crowd can only do as well as its smartest member, rather than perform better (as he shows is otherwise possible).

  2 more annotations...

• 05 Sep 10
  

  Nigel Freeman
  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.
• 30 Jul 10
  

  Alber van Zyl

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• 31 Mar 10
  

  Cameron Stewart

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  • The Wisdom of Crowds

    From Wikipedia, the free encyclopedia

    Jump to: navigation, search

    See also: Wisdom of the crowd

    This article may contain original research. Please improve it by verifying the claims made and adding references. Statements consisting only of original research may be removed. More details may be available on the talk page. (November 2009)

    The Wisdom of Crowds
    Cover of mass market edition by Anchor
    Author	James Surowiecki
    Country	United States
    Language	English
    Genre(s)	Non-fiction
    Publisher	Doubleday; Anchor
    Publication date	2004
    Pages	336
    ISBN	978-0385503860
    OCLC Number	61254310
    Dewey Decimal	303.3/8 22
    LC Classification	JC328.2 .S87 2004

    
    The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.

    •  p350
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  • The Wisdom of Crowds

    • http://www.douban.com/subject/2188434/?i=2

    • By now(2009) the only Chinse edition of this book is published in Taiwan, yet it's hard to purchase one in vast area China with a cheaper price. Pitty. The English version could be bought within the price about 88 Yuan on Amazon.cn:
      http://www.amazon.cn/detail/product.asp?prodid=enbk607439&source=douban
    Add Sticky Note
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  The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulti

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  • James Surowiecki about the aggregation of information in groups,
  • James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.
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• 

  Francisco Arlindo Alves

  São quatro as principais características que tornam uma multidão inteligente. It needs to be diverse, so that people are bringing different pieces of information to the table. Tem de ser diversificada, de modo a que as pessoas estão trazendo vários

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  The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulti

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  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.
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  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.
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  • The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group
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• 26 Nov 06
  

  avivajazz jazzaviva

  Diversity of opinion
  Each person should have private information even if it's just an eccentric interpretation of the known facts.
  Independence
  People's opinions aren't determined by the opinions of those around them.
  Decentralization
  People are

• 09 Nov 06
  

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  A book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.

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Public Stiky Notes

• 
  Cameron Stewart on 2010-04-01
   p350
• 
  Jing Shao on 2009-02-25
  By now(2009) the only Chinse edition of this book is published in Taiwan, yet it's hard to purchase one in vast area China with a cheaper price. Pitty. The English version could be bought within the price about 88 Yuan on Amazon.cn:
  http://www.amazon.cn/detail/product.asp?prodid=enbk607439&source=douban
• 
  Jing Shao on 2009-02-25
  http://www.douban.com/subject/2188434/?i=2

Page Comments

• 
  david (jockgeek@gmail) on 2006-07-08
  The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations,
• 
  Dr. Fridemar Pache on 2006-11-08
  A good starting point with many links to collective wisdom.

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