The wisdom of smaller, smarter crowds

EC, pp. 471-488, 2014.

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Keywords:
crowdsourcingeconomicswisdom of crowds

Abstract:

The \"wisdom of crowds\" refers to the phenomenon that aggregated predictions from a large group of people can rival or even beat the accuracy of experts. In domains with substantial stochastic elements, such as stock picking, crowd strategies (e.g. indexing) are difficult to beat. However, in domains in which some crowd members have demo...More

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