By Jon Elster, Hélène Landemore
James Madison wrote, "Had each Athenian citizen been a Socrates, each Athenian meeting could nonetheless were a mob." The members to this quantity speak about and for the main half problem this declare via contemplating stipulations less than which many minds might be wiser than one. With backgrounds in economics, cognitive technological know-how, political technology, legislations, and background, the authors ponder info markets, the net, jury debates, democratic deliberation, and using range as mechanisms for bettering collective judgements. while, they think about voter irrationality and paradoxes of aggregation as in all probability undermining the knowledge of teams. Implicitly or explicitly, the quantity additionally deals suggestions and warnings to institutional designers.
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Additional info for Collective Wisdom: Principles and Mechanisms
O. Quine’s well-known metaphor from his discussion of Carnap: The lore of our fathers is a fabric of sentences. In our hands it develops and changes, through more or less arbitrary and deliberate revisions and additions of our own. . It is a pale gray lore, black with fact and white with convention. But I have found no 11 12 Vermeule, Chapter 14, this volume. Burke (1790). 13 To say that our lore is part of the “fabric of sentences” is to say that it transmits not merely fact-data, but also a sophisticated ensemble of judgments and conventions that shape the way facts will be extracted and classified.
When a buyer and a seller agree on the quantity and the price, the transaction happens. The buyer can then later turn around and resell her contracts at a higher price if she finds a willing buyer, or she can hold onto them until the outcome is decided and the market operator buys back all outstanding contracts at the expiry price of $1 (event happened) or $0 (event did not happen). While the market is open for trading, speculative profits can be made by anticipating shifts in the collective opinion, buying low and then selling high, or selling high (on credit, also called “shorting”) and buying low later.
The Tao of Democracy: Using Co-intelligence to Create a World That Works for All. North Charleston, SC: Imprint Books. , Paul F. Lazarsfeld, and William N. McPhee. 1954. Voting: A Study of Opinion Formation in a Presidential Campaign. Chicago: University of Chicago Press. boyd, danah. 2008. ” PhD dissertation, University of California–Berkeley, School of Information. Caplan, Bryan. 2007. The Myth of the Rational Voter: Why Democracies Choose Bad Policies. Princeton, NJ: Princeton University Press.
Collective Wisdom: Principles and Mechanisms by Jon Elster, Hélène Landemore