Interview with Karim Tahawi, my-currency.com
Filed Under: Internet
From today’s Inman TV, my interview with Karim Tahawi, founder of my-currency. my-currency is a site that is trying to tap the ‘wisdom of the crowds’ to get user generated market valuations.
For more, read My-Currency Wants to Use the Wisest of the Crowds.
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- From Real Estate 2.0 | Dec 31, 1969
- From Real Estate 2.0 | Dec 31, 1969
Chuck Teller | Jun 27, 2007 | Reply
I watched the interview with interest because I am a fan of the wisdom of crowds concept. I think the following will help people understand what is necessary to make this notion work.
Wisdom of crowds is best described in James Surowiecki’s book “The Wisdom of Crowds”. If the following four conditions are satisfied, the judgment of the crowd is likely to be accurate, according to Surowiecki.
1. Diversity of opinion - each person should have some private information.
2. Independence - people’s opinions are not determined by the opinions of those around them.
3. Decentralization - people are able to specialize and draw on local knowledge.
4. Aggregation - there is some mechanism for turning private judgements into a collective decision.
If you are interested in this concept, read the book. It is a good read.