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The Wisdom of Crowds

The Wisdom of Crowds
The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology. The opening anecdote relates Francis Galton's surprise that the crowd at a county fair accurately guessed the weight of an ox when their individual guesses were averaged (the average was closer to the ox's true butchered weight than the estimates of most crowd members, and also closer than any of the separate estimates made by cattle experts).[1] Types of crowd wisdom[edit] Surowiecki breaks down the advantages he sees in disorganized decisions into three main types, which he classifies as

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The Wisdom of Crowds "No one in this world, so far as I know, has ever lost money by underestimating the intelligence of the great masses of the plain people." -H. L. Mencken H. Why Big Companies Need Small Companies in their Open Innovation Ecosystem Corporations that are taking the lead in open innovation are hoping to gain an advantage over their competitors as they will get access to a more diverse inflow of opportunities, which can lead to faster and better innovation. Specifically, as they look toward smaller companies to bring within the orbit of their open innovation program, corporations understand that small companies bring these advantages to the table: • Small companies often are at the leading edge of breakthrough or disruptive innovation. Breakthrough innovation – that is, innovation with potential to be a real game changer – can be exceedingly hard to achieve in a large, bureaucratic organization where people work in silos, have their own turf to protect and are wedded to the status quo.

Collective intelligence Types of collective intelligence Collective intelligence is shared or group intelligence that emerges from the collaboration, collective efforts, and competition of many individuals and appears in consensus decision making. The term appears in sociobiology, political science and in context of mass peer review and crowdsourcing applications. It may involve consensus, social capital and formalisms such as voting systems, social media and other means of quantifying mass activity. Collective IQ is a measure of collective intelligence, although it is often used interchangeably with the term collective intelligence. Collective intelligence has also been attributed to bacteria[1] and animals.[2] OASIS XML Interchange Language (XMILE) for System Dynamics TC Defining an open XML protocol for sharing interoperable system dynamics models and simulations. Steven Adler, adler1@us.ibm.com, ChairKarim Chichakly, kchichakly@iseesystems.com, Chair Table of Contents

Wisdom of the crowd The wisdom of the crowd is the collective opinion of a group of individuals rather than that of a single expert. A large group's aggregated answers to questions involving quantity estimation, general world knowledge, and spatial reasoning has generally been found to be as good as, and often better than, the answer given by any of the individuals within the group. An explanation for this phenomenon is that there is idiosyncratic noise associated with each individual judgment, and taking the average over a large number of responses will go some way toward canceling the effect of this noise.[1] This process, while not new to the Information Age, has been pushed into the mainstream spotlight by social information sites such as Wikipedia, Yahoo! Crowd Wise Crowd Wise This briefing paper provides an introduction to nef's new participative method for taking shared decisions, helping people to find common ground. June 30, 2010 // Written by: Perry Walker Crowd Wise is a participative method for taking shared decisions.

Why User-Driven Innovation Should Not Be Confused With Open Innovation Denmark has its share of world-leading companies on user-driven innovation. Lego, the toy company, is a great example of this through their Adult Fan Of Lego groups and many other initiatives. Another example is Coloplast which develops products and services that make life easier for people with very personal and private medical conditions. Their business includes ostomy care, urology and continence care, and wound and skin care. They are considered by many as a global pioneer of user-driven innovation due to their work with doctors, nurses and users of their products. Last week, I read an article on how Coloplast has set-up communities for their users to share experiences and ideas. Distributed Social Network Projects URL = These are projects that are designed to run on servers and use federation protocols to reach out and interchange between each other. 6d, Ampify, Appleseed,

Open Agent Based Modeling Consortium Agent Modeling Platform (AMP) (link is external) “The AMP project provides extensible frameworks and exemplary tools for representing, editing, generating, executing and visualizing agent-based models (ABMs) and any other domain requiring spatial, behavioral and functional features.” AnyLogic (link is external) A Java-based modeling platform deployed on Eclipse that supports “System Dynamics, Process-centric (AKA Discrete Event), and Agent Based modeling.” Ascape (link is external) A platform “designed to be flexible and powerful, but also approachable, easy to use and expressive.

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