Overview/Summary before I read the book
http://en.wikipedia.org/wiki/The_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 2004
James Surowiecki
presents numerous case studies to support arguements
Surowiecki breaks down the advantages he sees in disorganized decisions into three main types
Cognition
Thinking and information Processing
Coordination
Cooperation
Not all crowds (groups) are wise.
Same as what I said, there needs to be some sort of standard to decide which crowd has the gratest influence and knowledge to determine something, still it would be a greater possibility of accuracy given there is more people and the result would be dependent upon the given value of the knowledge that is present, and always there could be additional facts presented after the fact which would change the overall meaning.
He gives 4 criteria
-diversity of opinion
-independence
-decentralisation
-aggregation
list of problems facing the wisdom of the crowd
-imitation, I can think of most easily, once we hear someone else's interpretation it is much easier to just accept that, it imposes itself on us rather than we can then have a unique point of view.
CRITICISM
The Wisdom of Crowds concept by definition requires a known truth or
absolute in order to work; the lottery has no such previously existent
absolute outcome.
I can easily overcome this... it is a majority interpretation I am meaning for, not the average of what everyone is saying, the same concept still applies I feel. Tweaked slightly
FURTHER CRITICISMS...
However, Tammet 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.
Furthermore, Tammet mentions the assessment of the accuracy of Wikipedia
as described in a study mentioned in Nature in 2005, outlining several
flaws in the study's methodology which included that the study made no
distinction between minor errors and large errors.
Simon Johnson
www.thephilosophicalphotographer.co.uk
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