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The Wisdom of Crowds
If a group of autonomous individuals tries to solve a problem without any means of putting their judgments together, then the best solution they can hope for is the solution that the smartest person in the group produces, and there’s no guarantee they’ll get that. If that same group, though, has a means of aggregating all those different opinions,
... See moreJames Surowiecki • The Wisdom of Crowds
This is not the wisdom of the crowd, but the wisdom of someone in the crowd. It’s not that the network itself is smart; it’s that the individuals get smarter because they’re connected to the network.
Steven Johnson • Where Good Ideas Come From
As James Surowiecki explained in his best-selling The Wisdom of Crowds, this is the kind of task in which individuals do very poorly, but pools of individual judgments do remarkably well.
Daniel Kahneman • Thinking, Fast and Slow
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
future.a16z.com • 21 Experts on the Future of Expertise - Future
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Decentralization’s great strength is that it encourages independence and specialization on the one hand while still allowing people to coordinate their activities and solve difficult problems on the other. Decentralization’s great weakness is that there’s no guarantee that valuable information which is uncovered in one part of the system will find
... See moreJames Surowiecki • The Wisdom of Crowds
1/ Thread: The Wisdom of Crowd
In 2007, @mjmauboussin wrote a paper on the wisdom of crowd, and showed with simple maths and experiments why the crowd can trump individuals.
Some of the takeaways were VERY counterintuitive and it materially influenced my thinking.
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