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wisdom of the crowd

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wisdom of the crowd

theory stating that a group is able to make far better decisions than any individual in the group

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About wisdom of the crowd

"Wisdom of the crowd" or "wisdom of the majority" expresses the notion that the collective opinion of a diverse and independent group of individuals yields the best judgement. This concept, while not new to the Information Age, has been pushed into the spotlight by social information sites such as Quora, Reddit, Stack Exchange, Wikipedia, Yahoo! Answers, and other web resources which rely on collective human knowledge. An explanation for this supposition is that the idiosyncratic noise associated with each individual judgment is replaced by an average of that noise taken over a large number of responses, tempering the effect of the noise.

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