The quality of the crowd matters, as an ill-informed crowd or one with little knowledge, can lead to adverse outcomes......One of the main criticisms of wisdom of crowds is that if the crowd itself is not particularly educated or diverse, then the outcome of the wisdom of the crowd will be no better and most often worse than that of an individual expert. The wisdom of crowds idea significantly depends on the quality of the crowd. In addition, humans tend to conform in groups, which leads to "groupthink," defeating the purpose of having a diversified group.
A complicated topic, indeed.
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