Tag: james-surowiecki
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Anatomy of a Price War
With the recent Amazon–Walmart price war on books and the 1992 airline industry price war as the backdrop, James Surowiecki takes a look at how price wars start, how they can be avoided, and how to (possibly) win at them. The best way to win a price war, then, is not to play in the…
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Harnessing Collective Intelligence Online
The ‘Wisdom of Crowds’ theory, as popularised by James Surowiecki’s 2004 book of the same name, is an important—if misunderstood—theory that has influenced a lot of recent online ventures that rely on social networks and collaboration to work intelligently. For those who want to take advantage of the wisdom of crowds for their own ventures,…
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Prediction Markets and The Wisdom of Crowds
FT Predict is more than just a game. Predictive markets collect the wisdom of the crowd in a single dynamic price unit that can be far more sensitive to changes in the market than standard survey-based research. And a growing number of today’s leading companies embrace predictive market models in order to harness the wisdom…