wisdom of the crowd
Group knowledge aggregation
Wisdom of the crowd is the idea that collective judgments from many people often prove more accurate than individual expert opinions.
When a group guesses the weight of an ox or predicts an election outcome, the averaged answer tends to beat most individual guesses.
The principle underlies prediction markets, crowdsourcing, and democratic decision-making: The wisdom of the crowd got the Oscar picks right again.
- consensus buildingAchieving group accord collaboratively
- peer influenceEffect of equals' opinions
- prediction marketsTrading platforms for future outcomes
- market forcesSupply-demand price drivers
- swarm intelligenceDecentralized group decision-making
voting systems · emergent behavior · ask the audience · crowdfunding platforms · crowdsourcing · open source · hive mind · signal-to-noise ratio · echo chambers · social networks · heuristics · collective intelligence
wisdom of the crowdexpert opinion
Informed judgment from specialists
technocracy · centralized authority · authority · credentialism · genius
wisdom of the crowdmob mentality
Collective irrationality in groups
herd mentality · groupthink · mass hysteria · collective delusion · mob rule
wisdom, wise, wisely, wiser, wisest, unwise, unwisely, crowd, crowds