Episode #17: The Wisdom of the Crowd: Collective Intelligence Defined
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Episode #17: The Wisdom of the Crowd: Collective Intelligence Defined
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This deep dive explains the concept of "wisdom of the crowd," which posits that a diverse and independent group's collective judgment often surpasses that of a single expert. It highlights the concept's long history, tracing it back to Aristotle and illustrating its application through Francis Galton's ox-weight experiment. The document also explores how this phenomenon is leveraged in modern contexts like social information sites and business strategies, while noting its potential in solving higher-dimensional problems. Furthermore, it discusses the intriguing idea of the "crowd within," where an individual's multiple self-generated estimates can lead to improved accuracy, and addresses challenges such as systematic errors and the impact of social influence on collective decision-making.