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wisdom of crowds by Mind Map: wisdom of crowds
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wisdom of crowds

Technologies will consume a growing portion of the IT budget.

failures of crowd intelliginece

too homogenous

too centralized

too dividend

too imitative

too emotional

Economics

Psychology

independently-deciding individuals

crowd psychology

James Surowiecki

disorganized decisions

cognition

coordination

cooperation

Four elements required to form a wise crowd

diversity of opinion

independence

decentralization

aggregation

aggregation of information in groups

interaction without losing independence, and information cascades

keep your ties loose

Keep yourself exposed to as many diverse sources of information as possible

Make groups that range across hierarchies