Related papers: Wisdom of the institutional crowd
The wisdom of crowds is an umbrella term for phenomena suggesting that the collective judgment or decision of a large group can be more accurate than the individual judgments or decisions of the group members. A well-known example…
The Wisdom of Crowds (WOC), as a theory in the social science, gets a new paradigm in computer science. The WOC theory explains that the aggregate decision made by a group is often better than those of its individual members if specific…
Crowds can often make better decisions than individuals or small groups of experts by leveraging their ability to aggregate diverse information. Question answering sites, such as Stack Exchange, rely on the "wisdom of crowds" effect to…
Theoretical results underpinning the Wisdom of Crowds, such as the Condorcet Jury Theorem, point to substantial accuracy gains through aggregation of decisions or opinions, but the foundations of this theorem are routinely undermined in…
We are seeing more and more organizations undertaking activities to engage dispersed populations through IS. Using the knowledge-based view of the organization, this work conceptualizes a theory of Crowd Capital to explain this phenomenon.…
People's collectively shared beliefs can have significant social implications, including on democratic processes and policies. Unfortunately, as people interact with peers to form and update their beliefs, various cognitive and social…
The wisdom of crowds has been shown to operate not only for factual judgments but also in matters of taste, where accuracy is defined relative to an individual's preferences. However, it remains unclear how different types of social signals…
Rationality is frequently associated with making the best possible decisions. It's widely acknowledged that humans, as rational beings, have limitations in their decision-making capabilities. Nevertheless, recent advancements in fields,…
How do we design and deploy crowdsourced prediction platforms for real-world applications where risk is an important dimension of prediction performance? To answer this question, we conducted a large online Wisdom of the Crowd study where…
This paper presents a study of user voting on three websites: Imdb, Amazon and BookCrossings. It reports on an expert evaluation of the voting mechanisms of each website and a quantitative data analysis of users' aggregate voting behavior.…
This paper argues for recognizing an emerging paradigm of causal learning by wisdom of the crowd. Recent developments in government, industry, and research point to the rise of decentralized and crowd-based approaches within causal…
Cognitive biases are often attributed to heuristics or limited information. Yet the structure of social networks is a key, often-overlooked source of perceptual bias. When information passes through social connections, the network alone can…
Rationality is often related to optimal decision making. Humans are known to be bounded rational agents. However, recent advances in computing, and other scientific and technical fields along with large amount of data have led to a feeling…
We show how the quality of decisions based on the aggregated opinions of the crowd can be conveniently studied using a sample of individual responses to a standard IQ questionnaire. We aggregated the responses to the IQ questionnaire using…
Complex decision-making systems rarely have direct access to the current state of the world and they instead rely on opinions to form an understanding of what the ground truth could be. Even in problems where experts provide opinions…
Institutions and investors are constantly faced with the challenge of appropriately distributing endowments. No budget is limitless and optimising overall spending without sacrificing positive outcomes has been approached and resolved using…
Recent contributions have studied how an influence system may affect the wisdom of crowd phenomenon. In the so-called naive learning setting, a crowd of individuals holds opinions that are statistically independent estimates of an unknown…
The wisdom of the crowd is a valuable asset in today's society. It is not only important in predicting elections but also plays an essential role in marketing and the financial industry. Having a trustworthy source of opinion can make…
Complex systems show the capacity to aggregate information and to display coordinated activity. In the case of social systems the interaction of different individuals leads to the emergence of norms, trends in political positions, opinions,…
Different types of reasoning impose different structural demands on representational systems, yet no systematic account of these demands exists across psychology, AI, and philosophy of mind. I propose a framework identifying four structural…