what are wisdom of crowds criticisms 
one of the main criticisms of wisdom of crowds is that if the crowd itself is not particularly educated or diverse then the outcome of the wisdom of the crowd will be no better and most often worse than that of an individual expert the wisdom of crowds idea significantly depends on the quality of the crowd in addition humans tend to conform in groups which leads to groupthink defeating the purpose of having a diversified group the bottom linewisdom of crowds is a theory that assumes that the knowledge of a crowd results in better decision making innovation and problem solving than that of an individual a crowd needs to be large diverse and individuals within the crowd cannot be influenced by others for the theory to work wisdom of crowds can explain much of the efficiency and inefficiency of financial markets 