Harnessing the Wisdom of Crowds

• Published in: Management science Vol. 66; no. 5; pp. 1847 - 1867
• Main Authors: Da, Zhi, Huang, Xing
• Format: Journal Article
• Language: English
• Published: Linthicum INFORMS 01.05.2020; Institute for Operations Research and the Management Sciences
• Subjects: Crowds; Decision making; Earnings; earnings forecast; Estimating techniques; Group decision making; herding; Information processing; naïve learning; social learning; Social networks; Tracking; Wisdom; wisdom of crowds

When will a large group provide an accurate answer to a question involving quantity estimation? We empirically examine this question on a crowd-based corporate earnings forecast platform (Estimize.com). By tracking user activities, we monitor the amount of public information a user views before maki...