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wisdom of crowd

wisdom summary

On Saturday I had an opportunity to hear James Surowiecki discus the potential of intelligent group forecasting and decision-making from his book,The Wisdom of Crowds

3 things necessaryto make groups intelligent:
(1) aggregating people’s judgments in a genuine bottom-up decision making process
(2) diversity: experience, background, pov
(3) independence of thought: Independence based solely on individual  knowledge, information or intuitions (No piggy-backing on others' ideas)

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