The rise of the "information society" offers not only considerable peril but also great promise. Beset from all sides by a never-ending barrage of media, how can we ensure that the most accurate information emerges and is heeded? In this book, Cass R. Sunstein develops a deeply optimistic understanding of the human potential to pool information, and to use that knowledge to improve our lives. In an age of information overload, it is easy to fall back on our own prejudices and insulate ourselves with comforting opinions that reaffirm our core beliefs. Crowds quickly become mobs. The justification for the Iraq war, the collapse of Enron, the explosion of the space shuttle Columbia--all of these resulted from decisions made by leaders and groups trapped in "information cocoons," shielded from information at odds with their preconceptions. How can leaders and ordinary people challenge insular decision making and gain access to the sum of human knowledge? Stunning new ways to share and aggregate information, many Internet-based, are helping companies, schools, governments, and individuals not only to acquire, but also to create, ever-growing bodies of accurate knowledge. Through a ceaseless flurry of self-correcting exchanges, wikis, covering everything from politics and business plans to sports and science fiction subcultures, amass--and refine--information. Open-source software enables large numbers of people to participate in technological development. Prediction markets aggregate information in a way that allows companies, ranging from computer manufacturers to Hollywood studios, to make better decisions about product launches and office openings. Sunstein shows how people can assimilate aggregated information without succumbing to the dangers of the herd mentality--and when and why the new aggregation techniques are so astoundingly accurate. In a world where opinion and anecdote increasingly compete on equal footing with hard evidence, the on-line effort of many minds coming together might well provide the best path to infotopia.

Complex Arbitrations: Multi-party, Multi-contract and Multi-issue A Comparative Study Second Edition Bernard Hanotiau Arbitrations involving more than two parties and complex multi-contractual issues are becoming more and more prevalent every year in every major jurisdiction worldwide. This fully updated, extensively revised edition of a far-seeing 2006 book that has been greatly valued and widely used remains the only comprehensive analysis of all the issues arising from multi-party–multi-contract arbitrations, including those involving States and groups of companies. The numerous factors and problems analysed in depth include the following: theories on the basis of which various courts and tribunals determine who are parties to the arbitration clause and whether a non-signatory may be part of the proceedings; to what extent one can bring to a single arbitration proceeding the various parties who have participated in a single economic transaction through several contracts; reasoning to follow when it comes to deciding whether another company of the group can be joined to the arbitration; whether a party to a complex contractual structure can intervene voluntarily in the proceedings; under what conditions arbitrations may be consolidated; to what extent res judicata applies when a second arbitration is initiated between the same parties on different legal grounds; how and to what extent one can overcome the inconveniences that arise from having several parallel proceedings; and enforcement of multi-party–multi-contract awards. Features of particular value to the practitioner include in-depth analysis of ad hoc and institutional awards rendered under the auspices of numerous arbitral institutions; analysis of relevant national case law based on hundreds of court decisions from all over the world; and appendices specifying multi-party–multi-contract arbitration clauses, provisions of international conventions and relevant national legislative and institutional rules. The first edition has been used all over the world, frequently referred to by courts and tribunals when one of its topics is addressed. The second edition, with its increased volume of arbitral awards and cases from many more jurisdictions, its new scenarios, its updates on new legislation and rules, and its newly researched jurisprudence will help lawyers and corporate counsel solve the increasingly complex procedural issues confronting them in dealing with multi-party–multi-contract disputes. Law professors and students of dispute resolution have here a powerfully authoritative consideration of one of the most salient aspects of current international practice.

"In Going to Extremes, renowned legal scholar and best-selling author Cass R. Sunstein offers startling insights into why and when people gravitate toward extremism."--Inside jacket.

Many of us are being misled. Claiming to know dark secrets about public officials, hidden causes of the current economic situation, and nefarious plans and plots, those who spread rumors know precisely what they are doing. And in the era of social media and the Internet, they know a lot about how to manipulate the mechanics of false rumors—social cascades, group polarization, and biased assimilation. They also know that the presumed correctives—publishing balanced information, issuing corrections, and trusting the marketplace of ideas—do not always work. All of us are vulnerable. In On Rumors, Cass Sunstein uses examples from the real world and from behavioral studies to explain why certain rumors spread like wildfire, what their consequences are, and what we can do to avoid being misled. In a new afterword, he revisits his arguments in light of his time working in the Obama administration.

Why Prediction Markets Are Good for Business From selecting the lead actress in a Broadway musical, to predicting a crucial delay in the delivery of Boeing’s 787 Dreamliner months before the CEO knew about it, to accurately forecasting US presidential elections—prediction markets have realized some amazing successes by aggregating the wisdom of crowds. Until now, the potential for this unique approach has remained merely an interesting curiosity. But a handful of innovative organizations—GE, Google, Motorola, Microsoft, Eli Lily, even the CIA—has successfully tapped employee insights to change how business gets done. In Oracles, Don Thompson explains how these and other firms use prediction markets to make better decisions, describing what could be the origins of a social revolution. Thompson shows how prediction markets can: • draw on the hidden knowledge of every employee • tap the “intellectual bandwidth” of retired employees • replace surveys • substitute for endless meetings By showing successes and failures of real organizations, and identifying the common roadblocks they’ve overcome, Oracles offers a guide to begin testing expertise against the collective wisdom of employees and the market—all to the benefit of their bottom line.

Attempts to explain how new ways of classifying digital data will impact society.