Wisdom of Crowds Concept
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Wisdom of the crowds is the hypothesis that the analysis of information by a group will result in a better decision then a single person could have made. This is contingent on the formation of a "wise" crowd posessing the elements of: diversity of opinion, independence, decentralization and facility for aggregation.
From the book: Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations by James Surowiecki (2004).
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