Group Decision Making—The Vox Populi
Lecture no. 18 from the course: Behavioral Economics: When Psychology and Economics Collide
Taught by Professor Scott Huettel | 29 min | Categories: The Great Courses Plus Online Economics & Finance Courses
This lecture examines the “wisdom of crowds,” where groups are shown to make better decisions than individuals. Explore why this is so, focusing on the element of diversity, and also where this phenomenon fails. Evaluate the primary factors in good group decisions and how to promote them in a range of contexts.