The Park Geun-hye Administration of Korea (2013–2017) aims to increase the level of transparency and citizen trust in government through the Government 3.0 initiative. This new initiative for public sector innovation encourages citizen-government collaboration and collective intelligence, thereby improving the quality of policy-making and implementation and solving public problems in a new way....

When individuals independently recollect events or retrieve facts from memory, how can we aggregate these retrieved memories to reconstruct the actual set of events or facts? In this research, we report the performance of individuals in a series of general knowledge tasks, where the goal is to reconstruct from memory the order of historic events , or the order of items along some physical dimen...

We apply the principles of the “Wisdom of Crowds (WoC)” to improve the calibration of interval estimates. Previous research has documented the significant impact of the WoC on the accuracy of point estimates but only a few studies have examined its effectiveness in aggregating interval estimates. We demonstrate that collective probability intervals obtained by several heuristics can reduce the ...

The information content of prices is a central problem in the general equilibrium analysis of competitive markets. Rational expectations equilibrium identifies conditioning simultaneously on contemporaneous prices and private information as the mechanism by which information enters prices. Here we look to the ecology of markets for an explanation of the information content of prices. Markets co...

The number of organizations adopting crowdsourcing strategies is growing at an amazing speed. While the term crowdsourcing is being increasingly used in different contexts, it is still ambiguous and lacks a clear definition. Crowdsourcing implicitely includes a social dimension. Social computing was coined in 1994 by Doug Schuler, and its current meaning was come along around the middle of 2000...

Social networks offer vast potential for marketing agencies, as members freely provide private information, for instance on their current situation, opinions, tastes, and feelings. The use of social networks to feed into crime platforms has been acknowledged to build a kind of a virtual neighborhood watch. Current attempts that tried to automatically connect news from social networks with crime...

In this keynote we give an introduction to wisdom of crowds in the Web, the long tail of web content, and the bias involved in the generation of user generated content (UGC). This bias creates the wisdom of ad hoc crowds or the wisdom of a few. Although it is well known that user activity in most settings follows a power law, that is, few people do a lot, while most do nothing, there are few st...

New product innovation is a strategic business activity that requires significant financial resources and considerable managerial attention. Most new product launches fail because existing methods are unable to forecast their commercial successes accurately. This article describes a market-based method to address this gap. It capitalizes on the power of the “wisdom of crowds” by allowing people...

Crowdsourcing is beginning to be used for policymaking. The “wisdom of crowds” [Surowiecki 2005], and crowdsourcing [Brabham 2008], are seen as new avenues that can shape all kinds of policy, from transportation policy [Nash 2009] to urban planning [Seltzer and Mahmoudi 2013], to climate policy (http://climatecolab.org). In general, many have high expectations for positive outcomes with crowdso...