Last month, the publisher Simon & Schuster announced a partnership with a Web site called MediaPredict, which would use the collective judgment of readers to evaluate book proposals. The deal drew scorn from many, who saw it as evidence that publishers, in an era of stagnant sales, had so lost confidence in their own judgment that they were reduced to the methods of "American Idol." Full Story »
Posted by Julian Friedland
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From the author of "The Wisdom of Crowds" we get yet another terrific and easy to understand view of economics and how it effects our world. Having work in Hollywood, I can attest to the lousy way that many projects are chosen. There is more "monkey see, monkey do" than real risk taking. Suroweicki doesn't tell us how MediaPredict will pay it's on line readers, if at all. But I'm interested in the application of large, diverse, and independent decision making to take the place of ... More »
He succinctly and simply explains the business reasons and the science underlying prediction markets. I would expect as much -- he wrote the book on "The Wisdom of Crowds."
This is a nice story, albeit it I cannot figure out where there's any "science" here, as science demands use of the scientific method, including establishment of a control group. This definitely doesn't fit the bill. It presents an interesting concept and gives evidence of how it works. However, in book publishing, the publics' tastes are not usually what sells books. Advertising, word of mouth, TV appearances by the author, well-placed radio interviews of the author, and anything ... More »
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