How well did they follow the Wisdom of Crowds tenants? (James Surowiecki)
Diversity of opinion—Each person should have private information even if it’s just an eccentric interpretation of the known facts.
Independence—People’s opinions aren’t determined by the opinions of those around them.
Decentralization—People can specialize and draw on local knowledge.
Aggregation—Some mechanism exists for turning private judgments into a collective decision.
How well did they follow the Wisdom of Crowds tenants? (James Surowiecki)
Diversity of opinion—Each person should have private information even if it’s just an eccentric interpretation of the known facts.
Independence—People’s opinions aren’t determined by the opinions of those around them.
Decentralization—People can specialize and draw on local knowledge.
Aggregation—Some mechanism exists for turning private judgments into a collective decision.