Sessions

≪Organizer Abstract≫
Wisdom of crowds is the phenomenon that aggregation of individual judgments outperforms judgments of any single individual. It has been repeatedly argued that one factor critical for generating the wisdom of crowds is the independence of individuals - individuals need to make judgments without being influenced from the others. However, even when individuals make judgments independent of the others, judgments made by individuals can be statistically correlated if judgments are made based on the same information which results in the deteriorated performance of wisdom of crowds. In this thematic session, three studies that have investigated the following questions will be presented; 1) how and when the independence of individual judgments is undermined and influence the performance of the wisdom of crowds; 2) how the adverse influence of the violation of the independence is compensated through the processes of group dynamics.
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