Strong Opinions @marksbirch: The Mediocrity of the Crowd
“Crowdsourcing doesn’t always lead to the wisdom of the crowds. It sometimes leads to bland mediocrity”—
Economist correspondent Vijay V. Vaitheeswaran speaking on a panel at the DLD (Digital - Life - Design) Conference
I was never much of a believer in the wisdom of…
I think the difference is a matter of scale. The stock market does a pretty good job of factoring in all available public information to settle on market value. An audience of 30 at “Who wants to be a millionaire” does not. It would be fun to plot error bars (difference between actual vs average guess) as sample size grows. My suspicion is that there is a general decline in accuracy until a certain tipping point, at which time the accuracy improves. Anyone read research on the topic?
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caterpillarcowboy reblogged this from marksbirch and added:
difference is a matter...stock market does a pretty good job of factoring in all available...
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marksbirch reblogged this from mediahascookies and added:
I was never much of a believer in the wisdom of crowds. There are certainly times when the crowd can be helpful, often...
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