This preview shows page 1. Sign up to view the full content.
Unformatted text preview: emerged outside the
professional journalist/writer community? 7.7 Prediction Markets and the Wisdom of Crowds
L E A RN I N G OBJ E C T I V E S
1. Understand the concept of the wisdom of crowds as it applies to social networking.
2. List the criteria necessary for a crowd to be smart. Many so cial so f tware ef f o rts leverage what has co me to be kno wn as the wisdom of crowds. In
this co ncept, a gro up o f individuals (the cro wd o f ten co nsists mo stly o f untrained amateurs), co llectively has mo re insight than a single o r small gro up o f trained pro f essio nals. Made po pular by
autho r James Suro wiecki (who se best-selling bo o k was named af ter the pheno meno n), the idea o f
cro wd wisdo m is at the heart o f wikis, f o lkso no my tagging systems, and many o ther o nline ef f o rts.
An article in the jo urnal Nature po sitively co mparing Wikipedia to Encyclo pedia Britannica lent
credence to so cial so f tware’s use in harnessing and distilling cro wd wisdo m.J. Giles, “Special
Repo rt: Internet E...
View Full Document
This document was uploaded on 01/31/2014.
- Winter '14
- The American, Trigraph, cial media, mo st, blo gs, mo st po