27 min listen
How can we harness the wisdom of the crowd?
How can we harness the wisdom of the crowd?
ratings:
Length:
35 minutes
Released:
Jan 8, 2024
Format:
Podcast episode
Description
Experts often build models to help predict how systems will behave. But what happens if, instead of asking the experts to build models, we ask laypeople to simply predict outcomes?
This is what happens in 'prediction markets'. And it turns out that in some situations, the 'wisdom of the crowd' often outperforms experts' models.
To break down what prediction markets are and how they work, we're joined by Rajiv Sethi, Professor of Economics at Bernard College at Columbia University and External Professor at the Santa Fe Institute.
Connect:
Simplifying Complexity on Twitter
Sean Brady on Twitter
Sean Brady on LinkedIn
Brady Heywood website
This show is produced in collaboration with Wavelength Creative. Visit wavelengthcreative.com for more information.
This is what happens in 'prediction markets'. And it turns out that in some situations, the 'wisdom of the crowd' often outperforms experts' models.
To break down what prediction markets are and how they work, we're joined by Rajiv Sethi, Professor of Economics at Bernard College at Columbia University and External Professor at the Santa Fe Institute.
Connect:
Simplifying Complexity on Twitter
Sean Brady on Twitter
Sean Brady on LinkedIn
Brady Heywood website
This show is produced in collaboration with Wavelength Creative. Visit wavelengthcreative.com for more information.
Released:
Jan 8, 2024
Format:
Podcast episode
Titles in the series (44)
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