The wisdom of smaller, smarter crowds

@inproceedings{Goldstein2014TheWO,
  title={The wisdom of smaller, smarter crowds},
  author={Daniel G. Goldstein and R. Preston McAfee and Siddharth Suri},
  booktitle={EC},
  year={2014}
}
The "wisdom of crowds" refers to the phenomenon that aggregated predictions from a large group of people can rival or even beat the accuracy of experts. In domains with substantial stochastic elements, such as stock picking, crowd strategies (e.g. indexing) are difficult to beat. However, in domains in which some crowd members have demonstrably more skill than others, smart sub-crowds could possibly outperform the whole. The central question this work addresses is whether such smart subsets of… CONTINUE READING
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