The Wisdom of Crowds Concept Is Based on the Belief

question 57

True/False

The wisdom of crowds concept is based on the belief a group of experts is always correct in its assessment of a problem.

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Definitions:

Prototype

An early sample, model, or release of a product or concept used to test a process or act as a thing to be replicated or learned from.

Ingroup Differentiation Bias

A bias where individuals perceive greater variation and uniqueness among members of their own group (ingroup) compared to those in an outgroup.

Outgroup Homogeneity Bias

The tendency to perceive members of an outgroup as more similar to each other than they really are, often leading to stereotyping.

Double-Standard Thinking

Holding different sets of principles for similar situations, often leading to unfair or biased judgments and practices.