Corpus ID: 11188732

Wisdom of the Confident: Using Social Interactions to Eliminate the Bias in Wisdom of the Crowds

@article{Polavieja2014WisdomOT,
  title={Wisdom of the Confident: Using Social Interactions to Eliminate the Bias in Wisdom of the Crowds},
  author={G. G. Polavieja and G. Madirolas},
  journal={ArXiv},
  year={2014},
  volume={abs/1406.7578}
}
Human groups can perform extraordinary accurate estimations compared to individuals by simply using the mean, median or geometric mean of the individual estimations [Galton 1907, Surowiecki 2005, Page 2008]. However, this is true only for some tasks and in general these collective estimations show strong biases. The method fails also when allowing for social interactions, which makes the collective estimation worse as individuals tend to converge to the biased result [Lorenz et al. 2011]. Here… Expand
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