The aggregation of many lay judgments generates surprisingly accurate estimates. This phenomenon, called the "wisdom of crowds," has been demonstrated in domains such as medical decision-making and financial forecasting. Previous research identified two factors driving this effect: the accuracy of individual assessments and the diversity of opinions. Most available strategies to enhance the wisdom of crowds have focused on improving individual accuracy while neglecting the potential of increasing opinion diversity. Here, we study a complementary approach to reduce collective error by promoting erroneous divergent opinions. This strategy proposes to anchor half of the crowd to a small value and the other half to a large value before eliciting and averaging all estimates. Consistent with our mathematical modeling, four experiments ( = 1,362 adults) demonstrated that this method is effective for estimation and forecasting tasks. Beyond the practical implications, these findings offer new theoretical insights into the epistemic value of collective decision-making.

Download full-text PDF

Source
http://dx.doi.org/10.1177/09567976241252138DOI Listing

Publication Analysis

Top Keywords

promoting erroneous
8
erroneous divergent
8
divergent opinions
8
wisdom crowds
8
opinions increases
4
increases wisdom
4
crowds aggregation
4
aggregation lay
4
lay judgments
4
judgments generates
4

Similar Publications

Want AI Summaries of new PubMed Abstracts delivered to your In-box?

Enter search terms and have AI summaries delivered each week - change queries or unsubscribe any time!