Google Putting Crowd Wisdom to Work

daveperry writes "The Google Blog has a post about their use of prediction markets to forecast certain events that are relevant to their business. From the article: "Our search engine works well because it aggregates information dispersed across the web, and our internal predictive markets are based on the same principle: Googlers from across the company contribute knowledge and opinions which are aggregated into a forecast by the market. Sometimes, just feeling lucky isn't enough, and these tools can help." In related news, some software was recently open sourced that enables people to set up their own prediction markets."

Comments

Re:Sheep

[SilentReallySilentUs]

You should read "Wisdom of Crowds" by James Soriecki. It is a very nice text on how, where, and why "collective wisdom" of a few average individuals is better than the wisdom of a few experts.