Great piece of analysis on good and back decisions by groups
https://www.ted.com/talks/mariano_sigma ... _decisions
Wisdom of crowds
- ShaunWhite
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A crowd's wisdom is proportional to the accuracy of their beliefs.
- marksmeets302
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Cool video. My first thought was that social media makes it easy to destroy collective wisdom; someone with enough followers can polarize a (large) group.
I also liked the part on "robust average". Looks similar to taking the median instead of the average.
I also liked the part on "robust average". Looks similar to taking the median instead of the average.
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Wisdom of Crowds can quickly become Stupidity of Crowds when you throw in emotion, politics being the prime example.
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I've got that book on my To Read list!
Gullible and lazy. Like you said some people on social media will believe anything but more amazing to me is how some people don't question what they're being told. All it take is 2 minutes to check the facts on something you hear about online but I suppose they want to believe it or else they surely would. And even worse than that is when people won't even entertain the possibilty they could be wrong even when the evidence is mounting that they are. When they get to that point its almost a kind of religious fundamentalism, they dont need to prove they're beliefs anymore its up to everyone else to disprove them.
Gullible and lazy. Like you said some people on social media will believe anything but more amazing to me is how some people don't question what they're being told. All it take is 2 minutes to check the facts on something you hear about online but I suppose they want to believe it or else they surely would. And even worse than that is when people won't even entertain the possibilty they could be wrong even when the evidence is mounting that they are. When they get to that point its almost a kind of religious fundamentalism, they dont need to prove they're beliefs anymore its up to everyone else to disprove them.
- northbound
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I’m reading a great book about it, it’s called Black Box Thinking, by Matthew Syed.Trader Pat wrote: ↑Fri Dec 01, 2017 9:58 pmAnd even worse than that is when people won't even entertain the possibilty they could be wrong even when the evidence is mounting that they are.
- marksmeets302
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Tony Robbins interviews Ray Dalio: https://www.tonyrobbins.com/podcasts/su ... llionaire/. Dalio's take on how to make use of wisdom of crowds, calls it a meritocracy. In short: listen to a mix of knowledgeable people, preferably ones with opposing views. Try to reach consensus and if that doesn't work have a way to break the tie. Rest of the interview is worth listening to as well, although you will need to reserve some time for it, 2 hours in total.
Here is a good description on the mechanics of crowd wisdom
https://www.youtube.com/watch?v=XKH5ITx6AAk
https://www.youtube.com/watch?v=XKH5ITx6AAk
Trader Pat - Superforecasting - Pdf - https://www.dropbox.com/s/fmslj4stkgsks ... g.pdf?dl=0