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What are the conditions required for groups to be wise? PowerPoint Presentation
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What are the conditions required for groups to be wise? - PowerPoint PPT Presentation


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“Under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them.” -- James Surowieki , The Widsom of Crowds. What are the conditions required for groups to be wise?. Activity. Why are these conditions important?

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Presentation Transcript
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“Under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them.” -- James Surowieki, The Widsom of Crowds

activity
Activity
  • Why are these conditions important?
    • Cognitive Diversity
    • Independence
    • Decentralization
    • A way to aggregate the results
cognitive diversity
Cognitive Diversity

Questions

  • What is the difference between large vs small groups
  • What is the role of individual expertise?
  • What is the role of group think?
  • What is the role of failure?
independence
Independence

Questions

  • Why is independence difficult?
  • What is “social proof”?
  • What role does the timing of decisions have?
  • What is “information cascade”?
  • What role does the significance of the decision play?
decentralization
Decentralization

Questions

  • What is the difference between information and judgment?
  • Why is reaching a decision important in decentralization?
  • Why decentralization might fail?
  • When is decentralization inapplicable?
aggregation
Aggregation

Questions

  • How is aggregation different from centralization?
  • Why is it important to the success of decentralization?
  • What are the mechanisms to achieving aggregation?
  • What is role of coordination?
  • What are the possible problems in coordination?Solutions?
  • What is the role of cooperation?
key takeaways
Key Takeaways
  • Under the right circumstances, groups are remarkably intelligent
  • Four required conditions
    • Cognitive Diversity
    • Independence
    • Decentralization
    • A way to aggregate the results