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Planet Money
How much does this cow weigh? (Classic)
Apr 10, 2024
A scientist's experiment at a fair shows the surprising accuracy of crowd guesses. The podcast tests this with listeners guessing a cow's weight. The 'wisdom of the crowds' concept is explored, from stock markets to orange juice prices. The episode is both educational and entertaining.
17:37
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Quick takeaways
- Collective judgments can be surprisingly accurate, challenging the perception that experts always make better decisions.
- Diverse input from a crowd outperforms individual experts, showcasing the power of collaborative perspectives.
Deep dives
The Wisdom of Crowds and Collective Intelligence
Despite individual variations, a group's collective judgment can be surprisingly accurate. The podcast explores the story of Francis Galton, who found that averaging the guesses of a crowd at a fair almost perfectly estimated the weight of an ox. This concept extends to various areas like the stock market, where random collective decisions often yield insightful results. The phenomenon challenges the perception that experts always make better judgments, highlighting the power of collaborative and diverse perspectives.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode