Does the wisdom of the crowd prove that stupid people cancel each other out?
Between a BBC experiment and and anecdote from Francis Galton from a 1906 county fair, there is definitely a possibility that the wisdom of the crowd works well when it comes to making guesses. First, the county fair. An ox was on display and was the subject of a guessing contest. Whoever got closest to guessing the weight of the ox would get the slaughtered meat, a tremendous prize worth trying for today, let alone 100 years ago. While nobody got the weight right, when the guesses were averaged, they nailed it. When I watched the video below, my first thought was that had the silly person who guessed…