TITLE

The Wisdom of Crowds

AUTHOR(S)
Surowiecki, James
PUB. DATE
February 2004
SOURCE
Wisdom of Crowds - Business Book Summaries;2004, Vol. 1 Issue 1, p1
SOURCE TYPE
Book Summary
DOC. TYPE
Book summary
ABSTRACT
The idea that large groups of people are smarter than an elite few may be a surprise to many involved in decision making and problem solving, and can be a concept that is difficult to accept. The Wisdom of Crowds explains the principle of group think, and the concept that the masses are better problem solvers, forecasters, and decision makers than any one individual. Contrary to having inadequate amounts of information, limited foresight, or irrational ideas that affect judgment, collective intelligence is what author James Surowiecki refers to as the "wisdom of crowds". There are three kinds of problems that can affect collective intelligence: 1) cognition problems 2) coordination problems 3) cooperation problems. In addition to these problems, the necessary conditions for a crowd to be wise include diversity, independence, and a specific type of decentralization. Diversity of opinion means individuals have some private information or their own interpretation of known facts. Groups with a mix of ability, engagement, and information can use collective intelligence to solve cognition, coordination, and cooperation problems, and produce superior collective judgments.
ACCESSION #
34314376

 

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