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"A lot of crowd wisdom weights people equally," McCoy explains.
"A Solution to the Single-question Crowd Wisdom Problem". Prelec, Dražen, H. Sebastian Seung & John McCoy.
But for those who embrace crowd wisdom and prediction markets, there's an important qualification.
So that instead of the whole crowd wisdom, it's the wisdom of your crowd.
The Arab Spring failed because it had too much crowd "wisdom" and not enough good leaders.
And even Wikipedia, that great symbol of the 21st-century faith in crowd wisdom, is pushing away from total openness.
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That's crowd-madness, not crowd-wisdom".
Recounting how he crowd-sourced ideas for the talk, he went on, "Or Sagy, a sixteen-year-old, suggested that I re-create the original crowd-wisdom experiment from one hundred years ago".
In what areas is the crowd's wisdom, digitally gathered, real wisdom, and in what areas is an earlier notion of authority required?
The crowd confers wisdom, authenticity, good sense.
Slashdot Founder Questions Crowd's Wisdom [Bits New York Times Blog].
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