Here’s a link to a good article about Wikipedia – it’s in Atlantic Monthly which I’ve never been able to get access to without subscription on line before. Perhaps they’re ‘getting it’ as we like to say smugly in the ‘online community’ and they’re publishing more open articles these days. In a bit of a Smithian (and to a lesser extent Hayekian) twist it illustrates something of the importance of social skills to the development of the market. In the case of Wikipedia, and also GNU/Linux, success came when an autocratic mode of production was given up on and someone was at the apex who tried to keep a community of co-operating people happy rather than impose authority on them.
And here’s a bit more of the traditional ‘wisdom’ of crowds’ courtesy of Slashdot:
BusinessWeek takes a look at the use of prediction markets to forecast business success. These markets have been taking the form of games online¢â¬âthe Hollywood Stock Exchange, for example, allows players to bet on the success of movies. Hollywood is currently one of the largest consumers of prediction market data, in part because movies’ broad appeal leads to a large number of players, but also because the markets have been surprisingly accurate–92% in picking Oscar winners over the last three years. Because of this success, other industries are taking a look; pharmaceutical and tech storage businesses are currently working to set up their own markets.