Wisdom of crowds in the Prisoner's Dilemma context

Abstract

This paper provides a new way of making decisions- using the wisdom of crowds (collective wisdom) to handle continuous decision making problems, especially in a complex and rapidly changing world. By simulating the Prisoner's Dilemma as a Complex Adaptive System, the key criteria that separate a wise crowd from an irrational one are investigated, and different aggregation strategies are suggested based on different environments. © 2010 Springer-Verlag Berlin Heidelberg.