University of Adelaide Library

Adelaide Research and Scholarship : Schools and Disciplines : Australian School of Petroleum : Australian School of Petroleum publications

Please use this identifier to cite or link to this item: http://hdl.handle.net/2440/74412

Type: Conference paper
Title: Expertise and the wisdom of crowds: Whose judgments to trust and when
Author: Welsh, Matthew Brian
Citation: Building bridges across cognitive sciences around the world: Proceedings of the 34th Annual Meeting of the Cognitive Science Society, Sapporo, Japan, August 1-4, 2012 / N. Miyake, D. Peeble, R. P. Cooper (eds.): pp.1131-1136
Publisher: Cognitive Science Society
Issue Date: 2012
ISBN: 9780976831884
Cover art
Conference Name: Annual Conference of the Cognitive Science Society (34th : 2012 : Sapporo, Japan)
CogSci 2012
School/Discipline: Australian School of Petroleum
Department: Faculty of Engineering, Computer & Mathematical Sciences
Organisation: Institute for Mineral and Energy Resources
Statement of
Responsibility: 
Matthew B. Welsh
Abstract: The Wisdom of Crowds describes the fact that aggregating a group’s estimate regarding unknown values is often a better strategy than selecting even an expert’s opinion. The efficacy of this strategy, however, depends on biases being nonsystematic and everyone being able to make a meaningful assessment. In situations where these conditions do not hold, expertise seems more likely to produce the best outcome. Amateurs and professional judgments are examined in a subjective domain – reviews of shows from an Arts festival – asking which group provides better information to the potential theatre-goer. In conclusion, while following the crowd produces good results, where a smaller number of reviews are available, taking expertise into account improves their usefulness and discrimination between shows.
Keywords: Expertise; Wisdom of Crowds; subjective judgment.
Rights: © The authors
RMID: 0020125444
Appears in Collections:Australian School of Petroleum publications

Files in This Item:

File Description SizeFormat
hdl_74412.pdfPublished version208.99 kBAdobe PDFView/Open

Items in DSpace are protected by copyright, with all rights reserved, unless otherwise indicated.

 

© 2008 The University of Adelaide
library@adelaide.edu.au
CRICOS Provider Number 00123M
Service Charter | Copyright | Privacy | Disclaimer