Wisdom-of-Crowds Effect

Useful for:

• Bandwagon Effect, Informational Cascade

Approach

Averaging independent judgments of different people generally improves accuracy. "You can gain about 1/10th as much from asking yourself the same question twice as you can from getting a second opinion from someone else." — Noise

"Research shows that crowds only make accurate judgments when everyone thinks independently" — How Not To Plan: 66 Ways to Screw It Up by Binet & Carter

Referenced in:

• Noise: A Flaw in Human Judgment by Kahneman, Sibony, and Sunstein