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  • 1. The wisdom of crowds
    by James Surowiecki
  • 2. Aim…
    To find out ….Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations
  • 3. Author…James Michael Surowiecki
    • PhD from Yale University
    • 4. American Journalist
    • 5. Works as a staff writer at The New Yorker
    • 6. 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:
  • 7. Concept that determines the wise crowd..
    • Diversity of Opinion
    • 8. Independence
    • 9. Decentralization
    • 10. Aggregation
  • Diversity of Opinion…
    • Each individual has his/her opinion based on his/her knowledge about that condition
    • 11. Expands the range of possible solutions
    • Each individuals opinion is independent of others
    • 12. Herd behavior
    Independence…
  • 13.
    • Individuals are able to specialize and draw conclusions based on their knowledge it is like a guess work
    • 14. Key factor -Aggregate behavior
    • 15. http://www.youtube.com/watch?v=Gqli97iKiaM
    Decentralization…
  • 16. Compilation of opinions and working on the one which is given by most of the people from a group - Majority wins
    Aggregation…
  • 17. 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
    • 18. Difficult to solve
    Problems..
  • 19. Co-operation:
    • Similar to co-ordination
    • 20. Participants need to look at broader picture as a part of an organization or society
    Problems..
  • 21.
    • 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..