Summary: The Wisdom Of Crowds James Surowiecki

An internal decision market is where employees (drawn from different parts of the organization) set out different scenarios of what they think will happen in the future.

small groups need diversity to be effective.

mechanism for making an aggregate decision exists

mechanism for making an aggregate decision

own independent solution.

diversity of opinion

For a crowd to be smart

What’s needed for a crowd to be wise?

Chasing the expert is a mistake, and a costly one at that.”

Under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them. Groups do not need to be dominated by exceptionally intelligent people in order to be smart. Even if most of the people within a group are not especially well-informed or rational, it can still reach a collectively wise d