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    P bworks P bworks Presentation Transcript

    • The wisdom of crowds
      by James Surowiecki
    • Aim…
      To find out ….Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations
    • Author…James Michael Surowiecki
      • PhD from Yale University
      • American Journalist
      • Works as a staff writer at The New Yorker
      • Published his book in 2004
    • The collection of information in groups, resulting in decisions that are often better than decisions made by any single member of the group. 
      Theme:
    • Concept that determines the wise crowd..
      • Diversity of Opinion
      • Independence
      • Decentralization
      • Aggregation
    • Diversity of Opinion…
      • Each individual has his/her opinion based on his/her knowledge about that condition
      • Expands the range of possible solutions
      • Each individuals opinion is independent of others
      • Herd behavior
      Independence…
      • Individuals are able to specialize and draw conclusions based on their knowledge it is like a guess work
      • Key factor -Aggregate behavior
      • http://www.youtube.com/watch?v=Gqli97iKiaM
      Decentralization…
    • Compilation of opinions and working on the one which is given by most of the people from a group - Majority wins
      Aggregation…
    • Co-ordination:
      • Problems that don’t necessarily have an objectively “correct” answer, but which are framed in terms of coordinating actions with everyone else’s actions
      • Difficult to solve
      Problems..
    • Co-operation:
      • Similar to co-ordination
      • Participants need to look at broader picture as a part of an organization or society
      Problems..
      • Brief explanation of wisdom of crowd –
      http://www.youtube.com/watch?v=3Sgd1Ibnz2s&feature=related
      • Author`s Interview –
      http://www.youtube.com/watch?v=U0LhDQD7-ms&feature=related
      Links..