The Wisdom of Crowds (WoC) is a well-documented phenomenon. The In order to insult Me I must first value your opinion nice try though shirt WoC were first developed by Sir Francis Galton (notably cousin of Darwin) in 1906 . Rather unexpectedly, he discovered that by asking nearly 800 participants from his local village to guess the weight of an Ox – that the average guess came within 0.8% of the true weight (1207 lbs). This observation became the basis of Galton’s work on central tendencies, variance and standard deviation.
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These ideas have since been developed further by In order to insult Me I must first value your opinion nice try though shirt , Antweiler and Frank, Malendier, Shanthikumar and Hogarth among but a few. These academics have been refining approaches to structuring the Crowd in order to understand how the underlying mathematics works best. Most latterly, Nofer and Hibz in ‘Are Crowds on the Internet Wiser than Experts? – The Case of a Stock Prediction Community’ note the work by Hill and Ready-Campbell (2011) which found that “the Internet crowd is able to outperform the S&P 500 by 12.3 percentage points during 2008” (Nofer,Hibz, 2012).