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Crowdfunding and Poker

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One of the theories behind crowdfunding is that, by making information about a potential investment available to a large number of people who have the ability to interact and share information, ideas and decisions will bubble up from the crowd and will be recognized by the crowd as having merit.

A recent article in the Wall Street Journal demonstrates how "crowd wisdom" is improving decision-making in poker. It describes the growth in poker's popularity and how the influx of large numbers of new players is changing and improving the quality of decision-making in poker:

With 10 times more people seriously playing the game, the collective creativity and thinking power of the poker world has grown by at least an order of magnitude. The growth of poker theory is a perfect example of how innovation accelerates in interacting communities. Today's poker players are in a world-wide arms race to discover new ideas and refine their playing styles, led by the younger generation of more mathematically minded pros. And collective progress comes from the application of collective intelligence: Putting more minds to work on a problem makes the discovery of new and better solutions much more likely

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Isaac Gorodetski
Project Manager,
Center for Legal Policy at the
Manhattan Institute
igorodetski@manhattan-institute.org

Katherine Lazarski
Press Officer,
Manhattan Institute
klazarski@manhattan-institute.org

 

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The Manhattan Insitute's Center for Legal Policy.