The idea of the wisdom of crowds can be traced back to Aristotle’s theory of collective judgment as presented in his work Politics. He used a potluck dinner as an example, explaining that a group of individuals may come together to create a more satisfying feast for a group as a whole than what one individual might provide.
Wisdom of crowds is the idea that large groups of people are collectively smarter than individual experts when it comes to problem-solving, decision making, innovating and predicting.
The predictive power of crowds is a well-documented phenomenon. The underlying mathematical models behind WoC were first developed by Sir Francis Galton in 1907, and more latterly Hogarth 1978 and Treynor 1987.
The wisdom of crowds concept was popularized by James Surowiecki in his 2004 book, The Wisdom of Crowds, which shows how large groups have made superior decisions in pop culture, psychology, biology, behavioural economics, and other fields.
Pynk leverages WoC statistical models with machine learning to form the basis of our predictive capabilities.