Corpus ID: 6144089

Effects of Social Influence on the Wisdom of Crowds

  title={Effects of Social Influence on the Wisdom of Crowds},
  author={P. Mavrodiev and C. Tessone and F. Schweitzer},
  • P. Mavrodiev, C. Tessone, F. Schweitzer
  • Published 2012
  • Computer Science, Physics
  • ArXiv
  • Wisdom of crowds refers to the phenomenon that the aggregate prediction or forecast of a group of individuals can be surprisingly more accurate than most individuals in the group, and sometimes { than any of the individuals comprising it. This article models the impact of social inuence on the wisdom of crowds. We build a minimalistic representation of individuals as Brownian particles coupled by means of social inuence. We demonstrate that the model can reproduce results of a previous… CONTINUE READING

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