As many others have observed, aggregate expertise--the wisdom of crowds--generally beats the solitary kind hands down.
In addition, wikis lack a controlling voice, making them dependent on the wisdom of crowds.
This fundamental shift from the wisdom of crowds to the wisdom of friends presents tremendous opportunity for retailers during the holidays.
Nowadays, we seem to put greater faith in the wisdom of crowds.
From open-source software to eBay and Wikipedia, new systems of self-regulation are emerging based on openness, constant feedback and the wisdom of crowds.
In his book The Wisdom of Crowds, James Surowiecki discusses how disconnects between status and knowledge often lead to inefficient outcomes in decision-making processes.
FORBES: The Case for Crowdsourcing Innovation and Social Change
Surowiecki wrote a best seller entitled The Wisdom of Crowds.
FORBES: Soros, Bretton Woods II And The Twilight Of The Gods
If thousands of real, monetary bets are placed on those probabilities, the researchers hope the wisdom of crowds will provide some realistic odds on possible outcomes.
FORBES: CIA Investors Aim To Build A Pseudo-Gambling Market For Data Security Predictions
The wisdom of crowds only really applies when forecasts are genuinely independent, as when farmers are guessing the weight of a bull at a country fair.
Some writers prefer the wisdom of crowds.
FORBES: The Blogs That Got Away, Or Every Blog Must Have A Rejected Name
But rather than sort through and verify submissions to the site itself, TradeLeaks allows its users to post anything, depending on the wisdom of crowds to sort through those posts, comment on their legitimacy and vote them up or down.
FORBES: Why Isn't WikiLeaks A Wiki? Spam-Clogged Copycat TradeLeaks Demonstrates
The process by which this occurs is said to be mysterious and unpredictable, dependent on the wisdom of the crowds and impervious to the buttons and levers that companies and their ad departments have long been familiar with.
FORBES: It Takes Money To Make Money: How The New "Social" Media Is Like The Old "Media" Media
When you factor in the bookmaker's "vig"--the charge taken on bets--and the "wisdom of crowds, " breaking the bank is highly unlikely.
Crowdsourcing began as a legitimate tool to leverage the wisdom of the crowds to solve complex business and scientific challenges.
Philosophers and mathematicians can debate what causes mean reversion, but in the case of the markets, it seems to be a "wisdom of crowds" phenomenon--the historic return represents the prices investors put on future corporate earnings, which tend to climb in the long run.
应用推荐