Related papers: Wisdom of the institutional crowd
Communities are ubiquitous in nature and society. Individuals that share common properties often self-organize to form communities. Avoiding the shortages of computation complexity, pre-given information and unstable results in different…
A long-standing debate is whether social influence improves the collective wisdom of a crowd or undermines it. This paper addresses this question based on a naive learning setting in influence systems theory: in our models individuals…
Investigations of social influence in collective decision-making have become possible due to recent technologies and platforms that record interactions in far larger groups than could be studied before. Herding and its impact on…
This Brief Communication discusses the benefits of citation analysis in research evaluation based on Galton's "Wisdom of Crowds" (1907). Citations are based on the assessment of many which is why they can be ascribed a certain amount of…
Most aspects of our lives are governed by large, highly developed institutions that integrate several governance tasks under one authority structure. But theorists differ as to the mechanisms that drive the development of such concentrated…
This paper is focused on the computational analysis of collective discourse, a collective behavior seen in non-expert content contributions in online social media. We collect and analyze a wide range of real-world collective discourse…
The theory of rational choice assumes that when people make decisions they do so in order to maximize their utility. In order to achieve this goal they ought to use all the information available and consider all the choices available to…
We study the problem of frequent itemset mining in domains where data is not recorded in a conventional database but only exists in human knowledge. We provide examples of such scenarios, and present a crowdsourcing model for them. The…
The interest in the wisdom of crowds stems mainly from the possibility of combining independent forecasts from experts in the hope that many expert minds are better than a few. Hence the relevant subject of study nowadays is the Vox…
Every day, we judge the probability of propositions. When we communicate graded confidence (e.g. "I am 90% sure"), we enable others to gauge how much weight to attach to our judgment. Ideally, people should share their judgments to reach…
This paper will examine what makes a being intelligent, whether that be a biological being or an artificial silicon being on a computer. Special attention will be paid to the being having the ability to characterize and control a collective…
In this paper we analyze how user generated content (UGC) is created, challenging the well known {\it wisdom of crowds} concept. Although it is known that user activity in most settings follow a power law, that is, few people do a lot,…
In financial asset management, choosing a portfolio requires balancing returns, risk, exposure, liquidity, volatility and other factors. These concerns are difficult to compare explicitly, with many asset managers using an intuitive or…
The growing popularity of online fundraising (aka "crowdfunding") has attracted significant research on the subject. In contrast to previous studies that attempt to predict the success of crowdfunded projects based on specific…
Collective intelligence, which aggregates the shared information from large crowds, is often negatively impacted by unreliable information sources with the low quality data. This becomes a barrier to the effective use of collective…
This article proposes a complementary theoretical framework in behavioural finance by interpreting financial markets during boom-and-bust episodes as a Le Bonian crowd. While behavioural finance has documented the limits of individual…
This paper investigates the wisdom of crowds of linear opinion dynamics models evolving on signed networks. Conditions are given under which models such as the DeGroot, Friedkin-Johnsen (FJ) and concatenated FJ models improve or undermine…
Crowdsourcing has emerged as a prevalent method for mitigating the risks of correctness and security in outsourced cloud computing. This process involves an aggregator distributing tasks, collecting responses, and aggregating outcomes from…
Budgetary constraints force organizations to pursue only a subset of possible innovation projects. Identifying which subset is most promising is an error-prone exercise, and involving multiple decision makers may be prudent. This raises the…
Can we predict top-performing products, services, or businesses by only monitoring the behavior of a small set of individuals? Although most previous studies focused on the predictive power of "hub" individuals with many social contacts,…