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Collective Intelligence in Market-Based Social Decision Making

Title data

Gimpel, Henner ; Teschner, Florian:
Collective Intelligence in Market-Based Social Decision Making.
In: Reshaping society through information systems design : 34th International Conference on Information Systems, ICIS 2013 ; Milan, Italy, 15 - 18 December 2013. Volume 1. - Red Hook, NY : Curran , 2014 . - pp. 811-820
ISBN 978-1-62993-426-6

Official URL: Volltext

Abstract in another language

Public and private organizations increasingly engage in social decision making. Modern information systems facilitate participatory processes that harness the collective intelligence of crowds: Institutions open up for grassroots democracy and shift decisions towards a crowd of citizens, employees, or customers. Prediction markets are common tools in such social decision making. They have repeatedly proven their potency for aggregating information from a crowd of experts. However, their contemporary use in social decision making typically involves experts with a vested interest in the decision. They have incentives to manipulate the market and the decision. Simply carrying over prediction market knowledge to the design of social decision making might be premature. To back this hypothesis, we present findings from a lab experiment. Data suggests that people with stakes in the decision manipulate the market, corrupt information aggregation, and lessen decision quality. Common practice is better than random but worse than alternative designs.

Further data

Item Type: Article in a book
Refereed: Yes
Keywords: decision making; wisdom of the crowd; experimental economic
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Business Administration
Research Institutions
Research Institutions > Affiliated Institutes
Research Institutions > Affiliated Institutes > FIM Research Center Finance & Information Management
Faculties > Faculty of Law, Business and Economics
Result of work at the UBT: No
DDC Subjects: 000 Computer Science, information, general works > 004 Computer science
300 Social sciences > 330 Economics
Date Deposited: 14 Sep 2018 07:07
Last Modified: 11 Apr 2022 13:22