Putting the prediction markets under the big crowdsourcing tent

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Via Keith Anderson (Senior Analyst at RNG)

Chapter 7 – What the Crowd Knows: Collective Intelligence in Action – by Jeff Howe

He is a Wired journalist.

I prefer stuff written by economists like Robin Hanson, Justin Wolfers, Eric Zitzewitz, Koleman Strumpf, David Pennock, etc.

What&#8217-s the point of having the mainstream media journalists writing their own stuff when we can cite the people listed above????

I believe in the &#8220-In His/Her Own Words&#8221- principle.

Enough with the journalists. I&#8217-m fed up by them.

The Internet enables us to access directly the people who know. Let&#8217-s bypass the journalists. Let&#8217-s bulldozer this unnecessary filter.

Previous blog posts by Chris F. Masse:

  • A second look at HedgeStreet’s comment to the CFTC about “event markets”
  • Since YooPick opened their door, Midas Oracle has been getting, daily, 2 or 3 dozens referrals from FaceBook.
  • US presidential hopeful John McCain hates the Midas Oracle bloggers.
  • If you have tried to contact Chris Masse thru the Midas Oracle Contact Form, I’m terribly sorry to inform you that your message was not delivered to the recipient.
  • “Over a ten-year period commencing on January 1, 2008, and ending on December 31, 2017, the S & P 500 will outperform a portfolio of funds of hedge funds, when performance is measured on a basis net of fees, costs and expenses.”
  • Meet professor Thomas W. Malone (on the right), from the MIT’s Center for Collective Intelligence.

The Rise of Crowdsourcing: Creative Wisdom of the Crowd – Tuesday, May 20th, 2008 at 6:00pm – @ Bo Cowgills Alma Mater

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The Rise of Crowdsourcing: Creative Wisdom of the Crowd – @ Stanford Business School, Stanford University, California, U.S.A. – 2008-05-20

&#8211-&gt- Predictify &amp- Cambrian House

Via Daniel Horowitz (Business and Technology Consultant)

Rushkoff on Crowd Sourcing

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Douglas Rushkoff answering this year&#8217-s Edge question:

The Internet. I thought that it would change people. I thought it would allow us to build a new world through which we could model new behaviors, values, and relationships. &#8230- For now, at least, it&#8217-s turned out to be different. &#8230- The open source ethos has been reinterpreted through the lens of corporatism as &#8220-crowd sourcing&#8221- – meaning just another way to get people to do work for no compensation.

Unfortunately, that&#8217-s close to the truth for most play-money prediction market business plans.

What the hell is crowdsourcing???

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Crowdsourcing is a neologism for the act of taking a task traditionally performed by an employee or contractor, and outsourcing it to an undefined, generally large group of people, in the form of an open call. For example, the public may be invited to develop a new technology, carry out a design task, refine an algorithm or help capture, systematize or analyze large amounts of data.

[…] In some cases the labor is well-compensated. In other cases the only rewards may be kudos or intellectual satisfaction. Crowdsourcing may produce solutions from amateurs or volunteers working in their spare time, or from small businesses which were unknown to the initiating organization.

Perceived benefits of crowdsourcing include:
– Problems can be explored at comparatively little cost.
– Payment is by results.
– The organization can tap a wider range of talent than might be present in its own organisation.

The difference between crowdsourcing and ordinary outsourcing is that a task or problem is outsourced to the public, rather than another body. The difference between crowdsourcing and open source is that open source production is a cooperative activity initiated and voluntarily undertaken by members of the public. In crowdsourcing the activity is initiated by a client, and the work may be undertaken on an individual, as well as a group, basis. […]

Previously: CrowdSourcing = Wisdom Of Crowds = Collective Intelligence