The Wisdom of Crowds

Andy Bromberg: The wisdom of crowds is giving way to the “wisdom of communities.” In a world of ever-greater complexity, no one person can possibly make sense of all the signals and all the noise — from a single, static vantage point. A networked group is required to adapt to this new world... People are no longer being polled in isolation but rath... See more

The fundamental problem with an information cascade is that after a certain point it becomes rational for people to stop paying attention to their own knowledge—their private information—and to start looking instead at the actions of others and imitate them. (If everyone has the same likelihood of making the right choice, and everyone before you ha

... See more