How social influence can undermine the wisdom of crowd effect

Volume: 108, Issue: 22, Pages: 9020 - 9025
Published: May 31, 2011
Abstract
Social groups can be remarkably smart and knowledgeable when their averaged judgements are compared with the judgements of individuals. Already Galton [Galton F (1907) Nature 75:7] found evidence that the median estimate of a group can be more accurate than estimates of experts. This wisdom of crowd effect was recently supported by examples from stock markets, political elections, and quiz shows [Surowiecki J (2004) The Wisdom of Crowds]. In...
Paper Details
Title
How social influence can undermine the wisdom of crowd effect
Published Date
May 31, 2011
Volume
108
Issue
22
Pages
9020 - 9025
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