2. “Under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them.” -- James Surowieki, The Widsom of Crowds

3. What are the conditions required for groups to be wise?

4. Activity Why are these conditions important? 1.Cognitive Diversity 2.Independence 3.Decentralization 4.A way to aggregate the results

5. Cognitive Diversity Questions – What is the difference between large vs small groups – What is the role of individual expertise? – What is the role of group think? – What is the role of failure?

6. Independence Questions – Why is independence difficult? – What is “social proof”? – What role does the timing of decisions have? – What is “information cascade”? – What role does the significance of the decision play?

7. Decentralization Questions – What is the difference between information and judgment? – Why is reaching a decision important in decentralization? – Why decentralization might fail? – When is decentralization inapplicable?

8. Aggregation Questions – How is aggregation different from centralization? – Why is it important to the success of decentralization? – What are the mechanisms to achieving aggregation? – What is role of coordination? – What are the possible problems in coordination? Solutions? – What is the role of cooperation?

9. What role does the wisdom of crowds play in your individual research?

10. What role does the wisdom of crowds play in research generally?

11. Johnny Lee, PhD Carnegie Mellon University Wii Remote Videos

12. Key Takeaways Under the right circumstances, groups are remarkably intelligent Four required conditions – Cognitive Diversity – Independence – Decentralization – A way to aggregate the results