wisdom of the crowds
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Post on 28-Nov-2014
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- 1. The Wisdom of the Crowds Or The Tyranny of the Mob Whats with all this collective intelligence web 2.0 stuff anyway? David Smith, Business Innovations Manager
- 5. Is Harriet Klausner real?
- She has her own website: http:// harrietklausner.wwwi.com /
- She has a RealName - an Amazon Badge that indicates that Amazon has validated the identity of the person (via credit card)
- The Wall Street Journal wrote about her http://www.opinionjournal.com/la/?id=110006483
- But if she writes a review for every book she reads (2 per day in her own words) then its taken her over 17 years to compile the 12,000 reviews on Amazon.
- Amazon was founded in 1995
- Every book she reviews seems to get 4 or 5 stars (out of five)
- And in one six day period I counted over 89 book reviews from her
- 6. In which Digg gets gamed
- 7. Weve given the word mob a bad name Dr Hibbert
- 8. Can a crowd be wise? Yes: If these conditions are met
- Diversity of opinion/knowledge : each crowd member needs to have some form of private information about the matter at hand.
- Independence : individuals in the crowd need to draw their own conclusions without influence from the rest of the crowd.
- Decentralization : Crowd members can apply local knowledge and thinking to their solution to the problem think specialization.
- Aggregation : Collating the above and getting to a sensible collective decision (this is the REALLY hard one!).
- 9. Good examples of Wise Crowds
- Googles web index powered by Pagerank which is powered by YOU
- The Stock Market (mostly bubbles and runs are what happens when the crowd stops working to the principles outlined before) Note the stock market performs well over time
- Open source software such as Firefox, Linux, Apache
- 10. What about Publishers?
- Remember Aggregation
- Without this, the crowd is not wise.
- Also How long have you got to wait for a crowd to come up with the wise answer? Crowds work at their own pace (peer reviewers anyone?).
- The Bottom is Not Enough find this on the wiki a great perspective.
- And read the book! long form content not a feature of crowdsourced material (at least, not yet)
- 11. Questions?
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