Wisdom of the crowd
From The Art and Popular Culture Encyclopedia
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The wisdom of the crowd is the process of taking into account the collective opinion of a group of individuals rather than a single expert to answer a question. A large group's aggregated answers to questions involving quantity estimation, general world knowledge, and spatial reasoning has generally been found to be as good as, and often better than, the answer given by any of the individuals within the group. An intuitive and often-cited explanation for this phenomenon is that there is idiosyncratic noise associated with each individual judgment, and taking the average over a large number of responses will go some way toward canceling the effect of this noise.
See also
- Argumentum ad populum
- Bandwagon effect
- Conventional wisdom
- Delphi method
- Dispersed knowledge
- Groupthink
- Intrade
