A bunch of people I follow on social media were buzzing about this blog post yesterday, taking Jonah Lerher to task for "getting spun" in researching and writing this column in the Wall Street Journal about this paper on the "wisdom of crowds" effect. The effect in question is a staple of pop psychology these days, and claims that an aggregate of many guesses by people with little or no information will often turn out to be a very reasonable estimate of the true value. The new paper aims to show the influence of social effects, and in particular, that providing people with information about…
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