| James Surowiecki in his book on the wisdom of crowds [Jame04] wrote about the decisions made based on the aggregation of information in groups. Knowing the many case studies and anecdotes which show the success of wisdom of crowds, he argues that under certain circumstances the wisdom of crowds is often better than that of any single member in the group. This paper provides a new way of problem solving-- using the wisdom of crowds (collective wisdom) to handle continuous decision making problems, especially in a complex and rapidly changing world. By extending the concept of Wisdom of Crowds, the method of using collective wisdom is applied to various fields, from Prisoner's Dilemma to simplified stock market. Simulations are built to evaluate this new problem solving method and different aggregation strategies are suggested based on different environments. |
