Collective Intelligence & Behavioral Economics

We just applied it to sports. It’s been a formula for success ever since. The intelligentBettingTips.com sports prediction model and betting system is founded upon 3 pillars of inspiration…

Harvard Decision 2.0

Successful businesses have long used teams of experts to solve problems, understand the market and forecast future planning.

Thanks to Web 2.0 applications, companies can now tap into “the collective” on a greater scale than ever before.

The increasing use of “the wisdom of crowds” and expert networks constitutes a paradigm shift in the way that businesses make decisions.

MIT Center

The MIT Center for Collective Intelligence mission is to understand collective intelligence at a deep level to take advantage of the new possibilities it enables. The scientific understanding helps us understand the effectiveness of a group of experts who performed intelligently, and the results if technology had access to the collective knowledge and resources. What strategies would it pursue? How quickly could it respond to changes in the marketplace? How profitable would it be?

Market Strategies

Equity markets utilize a variety of tools and big data to influence and prediction future movement in the markets as Wall Street, and employ the most effective strategies for the situations. The market movement is a combination of a number of things, and to profit from this the power of behavioral economics and influential psychology can play a larger role. A sound investment or betting strategy is fundamental, but still not enough. Decisions still need to be made. Combining the decision making power of collective intelligence, and applying Wall Street-like strategies to the most effective situation, can deliver greater return over time and minimized risk than traditional prediction methodologies.

In simple terms, behavioral sports economics is the collective-intelligence of experienced and qualified sports analysts and enthusiasts to predict sport game outcomes.

Grade this information with sport experts predictions and opinions, and graded a third time against a proprietary technology algorithm, and the result is compelling confidence in sports predictions….and the fundamental model behind IntelligentBettingTips.com.

Collective decisions from behavioral economics. It’s used more and more today in business, investment strategies and even family decisions. Harvard University, MIT Center for Collective Intelligence and other prestigious institutions (Union Research, Carnegie Mellon University, Carleton University, and others) have explored the confidence levels in behavioral economics through collective intelligence.

Applying behavioral economics to sports, and thanks to the Internet, we now have access to more data….much, much more data. Players performance, weather, games, injuries, historical outcomes, etc. that in principal, can allow to make more accurate and intimate understanding of the sports environment and potential game outcomes.

We agree this may still not be enough; decisions still need to be made. The collective opinions, and grading of this information against expert opinion and historical data is still missing.

In the sports betting world, the traditional route is the use of just one or a few sport experts and handicappers using some out-dated modeling techniques using minimal data. It goes as far as throwing darts on a board to predict game outcomes. Sadly it’s true, but it’s simply a technique marketed and packaged to sportsbook bettors to reduce betting risk. And the probability of flipping a coin may have produced similar results.

Inspiration to find a solution using behavioral economics to sport game outcomes helps us explore the granular collective-intelligence to discover game outcome opportunities, evaluate them, benchmark against qualified sport experts, and proceed accordingly.

Sports books love to hate the results of behavioral economics as it offers the sports bettor a significant higher probability and edge of winning their bet selection – a major evolution in the sport industry to level the playing field.

Collective Decisions Produce Higher Confidence

Fortune 500 brands have long used groups and teams to solve problems, focus groups to explore market needs, consumer surveys to understand the market and annual meetings to listen to shareholders. Thanks to technologies including Web 2.0 applications, companies (and sports bettors) can tap into “the collective” on a greater scale than ever before. It’s a paradigm shift in the way that companies and sports bettors now make decisions.

Example: Higher confidence placed in collective decisions.

Take ‘who wants to be a millionaire’. The win percentage of a contestant’s decision to an answer shows dramatically higher confidence in the outcomes when the contestant deferred to the audience for their collective opinion. The results showed greater confidence in the audience opinion produced far greater winning decisions and outcomes.

Now take this one step further. Compare the audience collective opinions, by validating it against a series of experts on the subject matter. The probability and confidence of the final outcome is now much higher and probable.

Elevate the confidence in the decision even further, and combine the opinion and data one last time through a computer model algorithm using numerous data points and validating the combination of the experienced audience opinion, AND the experts opinion.

The results – the highest and best confidence humans can rely on for predicting future outcomes – yes, even better than Nostradamus.

Bottom line

Respected MIT Review, one of the most trusted sources of useful and innovative ideas for business leaders, produced a report on collective-intelligence to make better decisions. In this report, the predictive-decision is employed by organizations as Google, Bell, Goldcorp, Delicious, Dig, Procter and Gamble, Sales Force, Dell, Netflix, and American Idol to name a few. A similar approach is also employed by IntelligentBettingTips.com

For the win, draw or losing outcomes a sports match up can produce, the development of the right tool is a necessity of the behavioral economic approach through collective intelligence. And while the decision model might look simple on the surface, that superficial simplicity belies a complex underlying mechanism for harnessing the power of collective intelligence, similar to IntelligentBettingTips.com.

Sports prediction modeling using collective-intelligence on the surface may seem simple enough, its the fundamental issue of a fine balance between expertise and diversity, and the distinction between dichotomized and distributed decision making. Without such basic knowledge, a sports bettor could easily end up tapping into a crowd’s madness — and not its wisdom.

And this is where IntelligentBettingTips.com excels. We make it simple and easy to use. We perform all the complexities and deliver the outcomes in a simple to use formt. The propriety approach using 1) collective-intelligence, 2) 30 years of combined expert sports analysts, and 3) proprietary computer algorithms, delivers the highest confidence in sport game selections available today.