Regrets, learning and wisdom

This contribution discusses in what respect Econophysics may be able to contribute to the rebuilding of economics theory. It focuses on aggregation, individual vs collective learning and functional wisdom of the crowds.Comment: 9 pages, 1 figure. Opinion paper submitted to European Physical Journal - Special Topics "Can economics be a physical science?

Metadata enrichment for digital heritage: users as co-creators

This paper espouses the concept of metadata enrichment through an expert and user-focused approach to metadata creation and management. To this end, it is argued the Web 2.0 paradigm enables users to be proactive metadata creators. As Shirky (2008, p.47) argues Web 2.0’s social tools enable “action by loosely structured groups, operating without managerial direction and outside the profit motive”. Lagoze (2010, p. 37) advises, “the participatory nature of Web 2.0 should not be dismissed as just a popular phenomenon [or fad]”. Carletti (2016) proposes a participatory digital cultural heritage approach where Web 2.0 approaches such as crowdsourcing can be sued to enrich digital cultural objects. It is argued that “heritage crowdsourcing, community-centred projects or other forms of public participation”. On the other hand, the new collaborative approaches of Web 2.0 neither negate nor replace contemporary standards-based metadata approaches. Hence, this paper proposes a mixed metadata approach where user created metadata augments expert-created metadata and vice versa. The metadata creation process no longer remains to be the sole prerogative of the metadata expert. The Web 2.0 collaborative environment would now allow users to participate in both adding and re-using metadata. The case of expert-created (standards-based, top-down) and user-generated metadata (socially-constructed, bottom-up) approach to metadata are complementary rather than mutually-exclusive. The two approaches are often mistakenly considered as dichotomies, albeit incorrectly (Gruber, 2007; Wright, 2007) . This paper espouses the importance of enriching digital information objects with descriptions pertaining the about-ness of information objects. Such richness and diversity of description, it is argued, could chiefly be achieved by involving users in the metadata creation process. This paper presents the importance of the paradigm of metadata enriching and metadata filtering for the cultural heritage domain. Metadata enriching states that a priori metadata that is instantiated and granularly structured by metadata experts is continually enriched through socially-constructed (post-hoc) metadata, whereby users are pro-actively engaged in co-creating metadata. The principle also states that metadata that is enriched is also contextually and semantically linked and openly accessible. In addition, metadata filtering states that metadata resulting from implementing the principle of enriching should be displayed for users in line with their needs and convenience. In both enriching and filtering, users should be considered as prosumers, resulting in what is called collective metadata intelligence

Fake News Detection in Social Networks via Crowd Signals

Our work considers leveraging crowd signals for detecting fake news and is motivated by tools recently introduced by Facebook that enable users to flag fake news. By aggregating users' flags, our goal is to select a small subset of news every day, send them to an expert (e.g., via a third-party fact-checking organization), and stop the spread of news identified as fake by an expert. The main objective of our work is to minimize the spread of misinformation by stopping the propagation of fake news in the network. It is especially challenging to achieve this objective as it requires detecting fake news with high-confidence as quickly as possible. We show that in order to leverage users' flags efficiently, it is crucial to learn about users' flagging accuracy. We develop a novel algorithm, DETECTIVE, that performs Bayesian inference for detecting fake news and jointly learns about users' flagging accuracy over time. Our algorithm employs posterior sampling to actively trade off exploitation (selecting news that maximize the objective value at a given epoch) and exploration (selecting news that maximize the value of information towards learning about users' flagging accuracy). We demonstrate the effectiveness of our approach via extensive experiments and show the power of leveraging community signals for fake news detection

Human Computation and Convergence

Humans are the most effective integrators and producers of information, directly and through the use of information-processing inventions. As these inventions become increasingly sophisticated, the substantive role of humans in processing information will tend toward capabilities that derive from our most complex cognitive processes, e.g., abstraction, creativity, and applied world knowledge. Through the advancement of human computation - methods that leverage the respective strengths of humans and machines in distributed information-processing systems - formerly discrete processes will combine synergistically into increasingly integrated and complex information processing systems. These new, collective systems will exhibit an unprecedented degree of predictive accuracy in modeling physical and techno-social processes, and may ultimately coalesce into a single unified predictive organism, with the capacity to address societies most wicked problems and achieve planetary homeostasis.Comment: Pre-publication draft of chapter. 24 pages, 3 figures; added references to page 1 and 3, and corrected typ

When Market Competition Benefits Firms

A conventional wisdom in economics posits that more intense market competition, measured in almost any way, reduces firm profit. In this paper, we challenge this conventional wisdom in a simple Cournot model with strategic R&D investments wherein an efficient firm (dominant firm) competes against less efficient firms (fringe firms). We find that an increase in the number of fringe firms can stimulate R&D by the dominant firm, while it always reduces R&D by each of the fringe firms. More importantly, this force can be strong enough to compensate for the loss that arises from more intense market competition: the dominant firm's profit may indeed increase with the number of fringe firms, quite contrary to the conventional wisdom. An implication of this result is far-reaching, as it gives dominant firms to help, rather than harm, fringe competitors. We relate this implication to a practice know as open knowledge disclosure, especially Ford's strategy of disclosing its know-how publicly and extensively at the beginning of the 20th century.competition, oligopoly, R&D, heterogeneity, entry

Recomendation systems and crowdsourcing: a good wedding for enabling innovation? Results from technology affordances and costraints theory

Recommendation Systems have come a long way since their first appearance in the e-commerce platforms.Since then, evolved Recommendation Systems have been successfully integrated in social networks. Now its time to test their usability and replicate their success in exciting new areas of web -enabled phenomena. One of these is crowdsourcing. Research in the IS field is investigating the need, benefits and challenges of linking the two phenomena. At the moment, empirical works have only highlighted the need to implement these techniques for tasks assignment in crowdsourcing distributed work platforms and the derived benefits for contributors and firms. We review the variety of the tasks that can be crowdsourced through these platforms and theoretically evaluate the efficiency of using RS to recommend a task in creative crowdsourcing platforms. Adopting a Technology Affordances and Constraints Theory, an emerging perspective in the Information Systems (IS) literature to understand technology use and consequences, we anticipate the tensions that this implementation can generate