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Wisdom of crowds refers to the phenomenon that the average opinion of a group of individuals on a given question can be very close to the true answer. It requires a large group diversity of opinions, but the collective error, the difference between the average opinion and the true value, has to be small. We consider a stochastic opinion dynamics where individuals can change their opinion based on the opinions of others (social influence $alpha$), but to some degree also stick to their initial opinion (individual conviction $beta$). We then derive analytic expressions for the dynamics of the collective error and the group diversity. We analyze their long-term behavior to determine the impact of the two parameters $(alpha,beta)$ and the initial opinion distribution on the wisdom of crowds. This allows us to quantify the ambiguous role of social influence: only if the initial collective error is large, it helps to improve the wisdom of crowds, but in most cases it deteriorates the outcome. In these cases, individual conviction still improves the wisdom of crowds because it mitigates the impact of social influence.
We propose an agent-based model of collective opinion formation to study the wisdom of crowds under social influence. The opinion of an agent is a continuous positive value, denoting its subjective answer to a factual question. The wisdom of crowds s
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Human groups can perform extraordinary accurate estimations compared to individuals by simply using the mean, median or geometric mean of the individual estimations [Galton 1907, Surowiecki 2005, Page 2008]. However, this is true only for some tasks
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We show how the prevailing majority opinion in a population can be rapidly reversed by a small fraction p of randomly distributed committed agents who consistently proselytize the opposing opinion and are immune to influence. Specifically, we show th