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wisdom of crowds

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wisdom of crowds by Mind Map: wisdom of crowds

1. James Surowiecki

2. failures of crowd intelliginece

2.1. too homogenous

2.2. too centralized

2.3. too dividend

2.4. too imitative

2.5. too emotional

3. Four elements required to form a wise crowd

3.1. diversity of opinion

3.2. independence

3.3. decentralization

3.4. aggregation

4. Economics

5. disorganized decisions

5.1. cognition

5.2. coordination

5.3. cooperation

6. Psychology

6.1. independently-deciding individuals

6.2. crowd psychology

7. aggregation of information in groups

8. interaction without losing independence, and information cascades

8.1. keep your ties loose

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

8.3. Make groups that range across hierarchies