Francis Galton was apparently on to something a hundred years ago when he discovered during a county fair contest to guess the weight of an ox that the average of all estimates was closer to the ox's true weight than the individual guesses of participants – and also closer than those of cattle experts.
In his important 2004 book, “The Wisdom of Crowds,” James Surowiecki, elaborates on this notion of crowd wisdom – and how lessons learned might be used to improve decision-making.
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