Related papers: Wisdom of the institutional crowd
Determining an individual's strategic reasoning capability based solely on choice data is a complex task. This complexity arises because sophisticated players might have non-equilibrium beliefs about others, leading to non-equilibrium…
Crowd-sourcing deals with solving problems by assigning them to a large number of non-experts called crowd using their spare time. In these systems, the final answer to the question is determined by summing up the votes obtained from the…
We explore different aspects of cognitive diversity and its effect on the success of group deliberation. To evaluate this, we use 500 dialogues from small, online groups discussing the Wason Card Selection task - the DeliData corpus.…
We study how long-lived rational agents learn from repeatedly observing a private signal and each others' actions. With normal signals, a group of any size learns more slowly than just four agents who directly observe each others' private…
We propose an operational, quantitative definition of intelligence for arbitrary physical systems. The intelligence density of a system is the ratio of the logarithm of its independent outputs to its total description length. A system…
Big data have the characteristics of enormous volume, high velocity, diversity, value-sparsity, and uncertainty, which lead the knowledge learning from them full of challenges. With the emergence of crowdsourcing, versatile information can…
It has been long that literature in financial academics focuses mainly on price and return but much less on trading volume. In the past twenty years, it has already linked both price and trading volume to economic fundamentals, and explored…
The effectiveness of collective decision-making is often challenged by the bounded rationality and inherent stochasticity of individual agents. We investigate this by analyzing how to aggregate decisions from n experts, each receiving a…
We analyze a distributed information network in which each node has access to the information contained in a limited set of nodes (its neighborhood) at a given time. A collective computation is carried out in which each node calculates a…
The notion of information pervades informal descriptions of biological systems, but formal treatments face the problem of defining a quantitative measure of information rooted in a concept of fitness, which is itself an elusive notion.…
We consider a voting model, where a number of candidates need to be selected subject to certain feasibility constraints. The model generalises committee elections (where there is a single constraint on the number of candidates that need to…
In this work, we present typical challenges encountered when developing methods for controlling crowds of people (or animal swarms). We discuss which elements shall be considered and the role they play to achieve a robust control in a…
Consequential decision-making typically incentivizes individuals to behave strategically, tailoring their behavior to the specifics of the decision rule. A long line of work has therefore sought to counteract strategic behavior by designing…
Completeness and transitivity are standard rationality conditions in economics. However, under ambiguity, decision makers sometimes violate these requirements because of the difficulty of forming accurate predictions about ambiguous events.…
Trade is one of the essential feature of human intelligence. The securities market is the ultimate expression of it. The fundamental indicators of stocks include information as well as the effects of noise and bias on the stock prices;…
Institutions can provide incentives to increase cooperation behaviour in a population where this behaviour is infrequent. This process is costly, and it is thus important to optimize the overall spending. This problem can be mathematically…
We introduce a number of logics to reason about collective propositional attitudes that are defined by means of the majority rule. It is well known that majoritarian aggregation is subject to irrationality, as the results in social choice…
Independent from the still ongoing research in measuring individual intelligence, we anticipate and provide a framework for measuring collective intelligence. Collective intelligence refers to the idea that several individuals can…
The increasing practice of engaging crowds, where organizations use IT to connect with dispersed individuals for explicit resource creation purposes, has precipitated the need to measure the precise processes and benefits of these…
To begin to understand the implications of the implementation of IT-mediated Crowds for Politics and Policy purposes, this research builds the first-known dataset of IT-mediated Crowd applications currently in use in the governance context.…