in a 2014 article, in the journal Proceedings of the Royal Society, argue that "the conventional view of the wisdom of crowds may not be informative in complex and realistic environments, and that being in small groups can maximize decision accuracy across many contexts." By "small groups," Couzin and Kao mean fewer than a dozen people. They conclude and say that “the decisions of very large groups may be highly accurate when the information used is independently sampled, but they are particularly susceptible to the negative effects of correlated information, even when only a minority of the group uses such information.” See also Argumentum ad populum Bandwagon effect Central limit theorem Collaborative filtering Collective intelligence Crowdfunding Crowdsourcing Dumb agent theory Efficient-market hypothesis Global brain Groupthink The Good Judgment Project Iowa Electronic Markets Open-source governance Problem solving Wideband delphi References Further reading Bikhchandani, Sushil, David Hirshleifer, and Ivo Welch. "A Theory of Fads, Fashion, Custom, and Cultural Change as Informational Cascades." Journal of Political Economy, Vol. 100, No.5, pp. 992–1026, 1992. Ivanov, Kristo (1972). Quality-control of information: On the concept of accuracy of information in data banks and in management information systems: The University of Stockholm and The Royal Institute of Technology. (Doctoral diss. Diss. Abstracts Int. 1974, Vol 35A, 3, p. 1611-A. Nat. Techn. Info. Service NTIS order No. PB-219297 Johnson, Steven, Emergence: The Connected Lives of Ants, Brains, Cities, and Software (2002) Scribner, Le Bon, Gustave. (1895), The Crowd: A Study of the Popular Mind. Available from Project Gutenberg at University of Pennsylvania Lee, Gerald Stanley. (1913). Crowds. A moving-picture of democracy. Doubleday, Page & Company. Available from Project Gutenberg Oinas-Kukkonen, Harri (2008). Network analysis and crowds of people as sources of new organisational knowledge. In: A. Koohang et al. (Eds): Knowledge Management: Theoretical Foundation. Informing Science Press, Santa Rosa, CA, US, pp. 173–189. Shirky, Clay (2009). Here Comes Everybody: The Power of Organizing Without Organizations Penguin Sunstein, Cass, Infotopia: How Many Minds Produce Knowledge (2006) Oxford University Press, Tarde, Gabriel (2001, orig. 1901). L'opinion et la foule. BookSurge Publishing, L. Fisher, The Perfect Swarm : The Science of Complexity in Everyday Life, Basic Books, 2009. S. Roy Chowdhury, C. Rodriguez, F. Daniel, F. Casati. Wisdom-aware computing: on the interactive recommendation of composition knowledge. ICSOC'10 Proceedings of the 2010 international conference on Service-oriented computing, Springer-Verlag, San Francisco, CA, USA. James Suroweicki on NPR 2004 books Crowdsourcing Social information processing