Collective Wisdom: Some Microfoundations of Collective Wisdom

  title={Collective Wisdom: Some Microfoundations of Collective Wisdom},
  author={L. Hong and S. Page},
Collective wisdom refers to the ability of a population or group of individuals to make an accurate prediction of a future outcome or an accurate characterization of a current outcome. Without feedbacks, the collective will always be more accurate than it’s average member, and in some circumstances, it can be more accurate than any of its members. Yet, collective wisdom need not emerge in all situations. Crowds can be unwise as well as prescient. In this paper, we unpack what underpins and what… Expand
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