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Roadmap of various theories |
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Written by Wei-Jing Zhu
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Reflection on Wisdom of Crowds, Smart Mob, Collaboration, Social Network.
Problem in cognition:
While independenct opinions are easily available, the key difficulty
has always been the means of aggregation. There is always room
for innovation.
e.g. how to extract the treasure from the crowd.
ex. Google, Web2.0, ...
collaborative filtering, search, retrieval, ...
Coordination: how to give everyone the appropriate amount? Where
to be at what time. That is the problem of economics.
Again, markets offer to maximize personal utility.
Since the key element in good coordination is the sharing of
information, proper implementation of privacy and access priviledge
systems, as well as context aware information agents, e.g. Google, will
offer near optimal solution to this grand problem in economics.
Smart Mobs offer more detail in this area: position aware anytime any
place anyone portable devices allow maximum communication among entire
group, enabline smart or optimized decisions and execution of
strategies. This offers a novel solution to coordination.
Finally, cooperation is the multiplayer game in economics.
Many of the Social Network theory books, e.g. Linked, Six degrees,
Nexus, ... focus on this last category, of how people in society
influence each other in opinion, decision, thinking, belief, behavior,
and actions.
Various mathematical and physical models simplify the complex details,
to illustrate collective phenomena and power law behaviors, e.g. Ising
systems.
More complex model of cooperation adds the betrayal aspect, leading to Game Theories such as the Prisoner's Dilemma.
Wisdom of crowds and all these socialologically related books, form
then a serious consideration of behavioral economics, before the field
is recently glamorized.
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