read "The Wisdom of Crowds"

I’ve started reading this book and it’s off to a good start. Although the examples so far are drawn from the real world (local fairs and stock markets), the ideas seem very applicable online now that we use crowdsourcing and community voting to prioritise news and content online.

The basic premise is simple: a diverse data sample averages away errors. Thus, with effective aggregation methods, diverse groups are more reliable than individuals or poorly-made groups (groupthink, over-centralisation, etc.).

The author explores the cultural biases we have for assuming that single individuals are smarter than many individuals, including factors that produce foolish group behaviour.

My favourite part is the bibliography—James has built an impressive collection of studies on collaborative mechanics. I’ve started a academic-oriented summary which would be helpful for someone doing research.

As might be expected from a fellow New Yorker writer, this reads like Malcolm Gladwell’s books, and has given me lots more ammo for my favourite hobby: boring people to sleep.

Yay!

I’ve started reading “The Wisdom of Crowds” by James Surowiecki. It’s a fascinating book about how a diverse group of people can make better decisions than individuals or even a group of smart people. There are all sorts of implications for the Web and for 43things.