Web 2.0 Revisited: From Wikis to Prediction Markets

by Mark Choate

The Internet is both a library and a laboratory. It is a place where existing knowledge is documented and new knowledge discovered. If there is one concept central to the idea of Web 2.0, it is the idea of "the wisdom of crowds," a phrase coined by James Surowiecki that serves as the title of his best-selling book in which he discusses the value of collective intelligence. Surowiecki says that "the premise is that under the right circumstances, the collective judgment of a large group of people will generally provide a better picture of what the future might look like than anything one expert or even a small group of experts will come up with."1

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Web 2.0 Revisited: From Wikis to Prediction Markets15 May 2008