The Wisdom of Crowds
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"This Wisdom of Crowds" by James Suriowiecki
How much does a crowd know? How do crowds compare with individuals? How are teams best organized?
OK, the title slightly gives away the punchline so there'll be no big shocks here, but the characteristics and behaviours of crowds described in the book were often counter-intuitive, and always intriguing. Collectively, a crowd can produce some amazing results - the books starts with the story of a group of people at a cattle auction. Each of the ~150 people is asked to guess the weight of one particular cow after it has been slaughtered and butchered. ...