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The Wisdom of Crowds and the Anti-wisdom of Analysts
By Dr Wealth  •  January 12, 2014
Sir Francis Galton lived in England from 1822 to 1911. He was a Victorian gentleman, a cousin of Charles Darwin, and a multi-hyphenate anthropologist, inventor and mathematician. His accomplishments include developing the statistical concept of correlation and regression to the mean, devising the first weather map and inventing a method of classifying fingerprints. He was also responsible for coming up with the term ‘Nature vs nurture’, and was a pioneer in Eugenics, the study of human genetic development and improvement. In 1906, while visiting a country fair, he came across a contest that intrigued him. An Ox was on display, and the crowd were invited to guess the weight of the beast. Galton collected all seven hundred over tickets after the contest was over and tabled the results. While none of the guesses were correct, he was shocked to discover that the median of all guesses was 1207 pounds, a ......
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By Dr Wealth
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