R dye the p ro mise o f p redictio n markets a ro

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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...
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This document was uploaded on 01/31/2014.

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