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About this book
James Madison wrote, 'Had every Athenian citizen been a Socrates, every Athenian assembly would still have been a mob'. The contributors to this volume discuss and for the most part challenge this claim by considering conditions under which many minds can be wiser than one. With backgrounds in economics, cognitive science, political science, law and history, the authors consider information markets, the internet, jury debates, democratic deliberation and the use of diversity as mechanisms for improving collective decisions. At the same time, they consider voter irrationality and paradoxes of aggregation as possibly undermining the wisdom of groups. Implicitly or explicitly, the volume also offers guidance and warnings to institutional designers.
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Table of contents
- Cover
- Collective Wisdom: Principles and Mechanisms
- Title
- Copyright
- Contents
- Contributors
- Collective Wisdom: Old and New
- 1: Prediction Markets
- 2: Designing Wisdom through the Web: Reputation and the Passion for Ranking
- 3: Some Microfoundations of Collective Wisdom
- 4: What Has Collective Wisdom to Do with Wisdom?
- 5: Legislation, Planning, and Deliberation
- 6: Epistemic Democracy in Classical Athens: Sophistication, Diversity, and Innovation
- 7: The Optimal Design of a Constituent Assembly
- 8: Reasons and Preferences in Medicine Evaluation Committees
- 9: Collective Wisdom: Lessons from the Theory of Judgment Aggregation
- 10: Democracy Counts: Should Rulers Be Numerous?
- 11: Democratic Reason: The Mechanisms of Collective Intelligence in Politics
- 12: Rational Ignorance and Beyond
- 13: The Myth of the Rational Voter and Political Theory
- 14: Collective Wisdom and Institutional Design
- 15: Reasoning as a Social Competence
- Conclusion
- Index