The Wisdom of Crowds: Methods of Human Judgement Aggregation

Chapter

Abstract

Although the idea is an old one, there has been a recent boom in research into the Wisdom of Crowds, and this appears to be at least partly due to the now widespread availability of the Internet, and the advent of social media and Web 2.0 applications. In this paper, we start by laying out a simple conceptual framework for thinking about the Wisdom of the Crowds. We identify six core aspects that are part of any instance of the Wisdom of the Crowds. One of these aspects, called aggregation, is the main focus of this paper. An aggregation method is the method of bringing the many contributions of a crowd together into a collective output. We discuss three different types of aggregation methods: mathematical aggregation, group deliberation and prediction markets.

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Copyright information

© Springer Science+Business Media New York 2013

Authors and Affiliations

  1. 1.PhilosophyUniversity of MarylandCollege ParkUSA
  2. 2.Munich Centre for Mathematical PhilosophyLudwig Maximilian University of MunichMunichGermany

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