Are Crowds Wiser Than Individuals? Yes, with Caveats

Professor Jack Soll found that the “wisdom of crowds” can enhance people’s judgement, but only if we embrace disagreement

, How many nickels can fit, in dollar value, in a 1.5 liter (1.58QT) Evian water bottle? When Professor Jack Soll of Duke University’s Fuqua School of Business asks this question in class, the responses range from $20 to $2,000, with many far from the correct answer ($69). But something “amazing” happens if you take the “crowd… read more