I find it better to develop strategies for 'safe' handling of student input than to resort to cold calling. If a student feels embarrassed because of a response, then not only will they never raise their hand again, but neither will anyone else.
The best way to do this is to try to identify the good part or motivation in a student's statement, regardless of anything wrong that might be in there too. Provide positive reinforcement on that part, and then turn the question back to the group again, with that extra foothold that the first student provided.
Example:
Me: "If we wanted to look at every relationship between these objects pairs of these objects, how many relationships would we have?
Student A: "N squared!"
Me: "Sure that's a good start; there's N squared possible two-ples you can form. But I think you may be overcounting a bit; can anyone suggest a way to cut it down?"
Student B: "You don't need to pair objects with themselves."
Me: "Great; so how many are we at, then?
Student B: "N^2 - N".
Me: "Awesome; I feel like we can still cut it down more. Any more ideas? Anyone want to try a small example?"
etc etc...
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Other bits of advice that come back to me with some writing:
* Provide seeds for ideas, and let the students fill out the flesh.
* Keep the conversation moving around the room. Try to engage a variety of voices.
* Provide at least some positive feedback for everyone who participates. Modulate for effect: eg, bigger praise for more complete, well communicated answers, or for people contributing for the first time.
* If the Super Student blurts out the final answer, take it back to the class and ask if anyone can explain it in more detail.
* Choose good questions. It's easy to ask a question that only you know the answer to... Mix up easy and hard questions, and use the easy questions as a way to 'onboard' quieter students.
Do it well, and there's always going to be enough hands to avoid cold calling. If I genuinely get no hands on a question, it generally means I've asked a bad question; rephrase and ask again. (And on day one, I have a dumb joke where I have everyone "raise your hand if you have a hand" and then do 'reverse' hand raising...)