Becoming a superforecaster, decision science for better human predictions - Pavel Atanasov-the data scientist show#036
Daliana's Game
00:00
The Wisdom of the Crowd
The wisdom of the crowd phenomenon was popularized more than a hundred years ago by fancis galton. When people would put in estimates in all thes oxes, 800 pounds or 12 hundred pounds, i thinkw several hundred estimates. And when when they rank ordered them and selected the mediun it turned out that the medium was within a pound or two of the actual estimate. So the crowd together as a whole, the medium, in this case, was better than almost any one individual.
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