The Wisdom of Crowds
They had a collective action problem. Each of them could figure out what worked best for them, but getting together to decide what was best for all of them was literally impossible.
Medium • How to Leave Dying Social Media Platforms
Humans are pretty smart, as individuals. But in groups, we're capable of breathtaking feats of stupidity. We're going to examine some of these herd dynamics in Book II. For now, it's enough to know that there are strong cultural, social, and biological forces that conspire to make it really hard to make good trade-offs.
Richard Meadows • Optionality: How to Survive and Thrive in a Volatile World
10 Crowds tend to make accurate predictions when three conditions prevail—diversity, aggregation, and incentives. Diversity is about people having different ideas and different views of things. Aggregation means you can bring the group’s information together. Incentives are rewards for being right and penalties for being wrong that are often, but n
... See moreMichael J. Mauboussin • Think Twice: Harnessing the Power of Counterintuition
To draw an accurate conclusion about cohesion, he needed to compare bad and good decisions, and then determine whether cohesive groups were more likely to fall victim to groupthink.