# Wisdom of the crowd

`kaal:entity:wisdom-of-the-crowd`

**Status.** derived

This node is assembled mechanically from the 4 claims that carry the concept tag `wisdom-of-the-crowd`. It is a roster of what the corpus says under this term. It is **not** an adjudicated definition: no single statement here has been ruled canonical, and no first-appearance call has been made. Read the claims and judge for yourself.

## Every claim under this term

4 claims across 2 works, 2021 to 2021.

**2021**

- [3782191-035](https://wulfkaal.github.io/claims/3782191-035) [mechanism/argued] -- Decentralization makes truth discovery more accurate, more reliable, and more efficient, because averaging results across diverse contributors, like ten news companies reporting a story or ten researchers using ten instruments, is more accurate than repetition by a single source.
  > The most efficient markets, the most liquid markets, have high transaction rates of many goods moving between many small players. De- centralization makes truth discovery more accurate, more reliable, and more effi- cient.
  Craig Calcaterra, Wulf A. Kaal, Preface to (2021). SSRN: https://ssrn.com/abstract=3782191
- [3782217-008](https://wulfkaal.github.io/claims/3782217-008) [mechanism/argued] -- A robust decentralized oracle finds better information because averaging across a crowd is typically better for complex situations, being less subject to the prejudices of individuals who hold more limited information, so overestimates and underestimates offset each other.
  > A robust decentralized oracle would find better information. The wisdom of the crowd can be employed to discover the truth. Averaging information is typically better for any complex situation, since they're less subject to the prejudices of the individual, who has more limited information.
  Craig Calcaterra, Wulf A. Kaal, The Importance of History In Decentralization (2021). SSRN: https://ssrn.com/abstract=3782217
- [3782217-009](https://wulfkaal.github.io/claims/3782217-009) [failure/argued] *(failure mode)* -- Condorcet's Jury Theorem cuts both ways: larger groups of slightly stupid people, defined as being wrong slightly more than half the time, are worse than smaller groups of stupid people, so the idiocy of the mob is the counterbalance to the wisdom of the crowd.
  > larger groups of slightly stupid people are worse than smaller groups of stupid people. The idiocy of the mob is the counterbalance to the wisdom of the crowd.
  Craig Calcaterra, Wulf A. Kaal, The Importance of History In Decentralization (2021). SSRN: https://ssrn.com/abstract=3782217
- [3782217-020](https://wulfkaal.github.io/claims/3782217-020) [mechanism/argued] -- Truth discovery in the marketplace of ideas is more effective and efficient when news aggregators are more decentralized: ten newspapers reporting on a story produce a more accurate historical picture than one newspaper reporting on the story ten times.
  > Truth discovery in any market, including the marketplace of ideas, is more effective and efficient when news aggregators are more decentralized. When there are J` newspapers reporting on a story, a more accurate historical picture emerges than when one newspaper reports on the story J` times.
  Craig Calcaterra, Wulf A. Kaal, The Importance of History In Decentralization (2021). SSRN: https://ssrn.com/abstract=3782217

## Verify

Every claim above resolves to a record carrying a verbatim source quote, the sha256 of the source PDF, and a preformatted citation. Nothing here asks to be taken on trust.

    curl -s https://wulfkaal.github.io/entities/wisdom-of-the-crowd.md | sha256sum

**Canonical form.** This markdown file is the canonical hashed representation of this entity node. Its sha256 is the content hash.