New study improves `crowd wisdom` estimates
(PHYSorg.com Mathematics)

In 1907, a statistician named Francis Galton recorded the entries from a weight-judging competition as people guessed the weight of an ox. Galton analyzed hundreds of estimates and found that while individual guesses varied wildly, the median of the entries was surprisingly accurate and within one percent of the ox`s real weight. When Galton published his results, he ushered the theory of collective intelligence, or the `wisdom of crowds,` into the public conscience.