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Sunday, July 08, 2012

Less Than Wisdom of Crowds

In the NYT:   A number of recent examples have shown that the crowd, as exemplified by well known wisdom aggregations like Intrade, is not always correct.   Sometimes you are much better off with experts in a focused area than just a broad opinion with the wrong incentives.  The press is an aggregator of expertise, and of crowd wisdom, but it often does the aggregation driven by the wrong reasons.

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