Wisdom of Crowds

The Wisdom of Crowds is the idea that collective opinions or estimates from a large group can be more accurate than those from a single expert. In general knowledge, when many people provide answers to a question or predict an outcome, their average response often reflects a more accurate understanding of the truth. This phenomenon occurs because individuals tend to bring diverse knowledge, experiences, and insights, leading to better decision-making when aggregated. However, it assumes that participants are reasonably independent in their thinking and that their guesses are not systematically biased.