Review paper
Social Influence Undermines the Wisdom of the Crowd in Sequential Decision Making
Abstract
Teams, juries, electorates, and committees must often select from various alternative courses of action what they judge to be the best option. The phenomenon that the central tendency of many independent estimates is often quite accurate—“the wisdom of the crowd”—suggests that group decisions based on plurality voting can be surprisingly wise. Recent experimental studies demonstrate that the wisdom of the crowd is further enhanced if individuals...
Paper Details
Title
Social Influence Undermines the Wisdom of the Crowd in Sequential Decision Making
Published Date
Jul 1, 2021
Journal
Volume
67
Issue
7
Pages
4273 - 4286
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