Explaining the Wisdom of the Crowd, Continued

Duty calls.

Wired appears to disagree with the Wisdom of the Crowd Theorem (and right after I blogged about it). They got two things wrong:

• The theorem says that the median estimate is more accurate than most individuals; it says nothing about the average.
• Even despite that, the average guess was more accurate than 60% of the individuals … and the median guess was more accurate than that.

Sigh.