When It Comes to Wisdom, Smaller Crowds Are Wiser

Jack Soll, Duke University, USA
Richard Larrick, Duke University, USA
Al Mannes, Duke University, USA
Crowds are wise, but well-chosen small crowds are even wiser. We show that although people are apprehensive about using the whole crowd, they do appreciate the wisdom of small crowds. People may be less adept at choosing whom to include. We also use simulation to investigate the robustness of small crowd strategies. Averaging the top five members of the crowd (rank-ordered on historical data) is very effective. We discuss prescriptions to make best use of the small crowd strategy, and extensions to consumer behavior.
[ to cite ]:
Jack Soll, Richard Larrick, and Al Mannes (2010) ,"When It Comes to Wisdom, Smaller Crowds Are Wiser", in NA - Advances in Consumer Research Volume 37, eds. Margaret C. Campbell, Jeff Inman, and Rik Pieters, Duluth, MN : Association for Consumer Research, Pages: 94-97 .