Curated Resource ( ? )

A simple reward system could make crowds a whole lot wiser

A simple reward system could make crowds a whole lot wiser

my notes ( ? )

if everyone has the same information, the crowd is no smarter than a single individual... a diverse collection of opinions, especially including minority views, is crucial for creating a smart group... we have an innate desire to imitate our peers... it may also be because of a rational, profit-seeking motivation...
The more complex the situation was, the smaller the percentage of available information people actually used...
a “minority reward” system, which explicitly favours those who go against popular opinion if they turn out to be correct, produced much more accurate collective decisions... only by finding information that very few have access to will they have a chance to correctly go against the prevailing wisdom.

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The above notes were curated from the full post theconversation.com/a-simple-reward-system-could-make-crowds-a-whole-lot-wiser-76763?utm_term=Autofeed&utm_campaign=Echobox&utm_medium=Social&utm_source=Twitter#link_time=1493672708.

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