Estimate the average maximum temperature


Problem: Imagine an experiment in which people have to estimate the average maximum temperature in a city for each of the twelve months. Suppose it turns out that an individual's estimate for any given month is almost always less accurate than averaging their estimates for adjacent months. For example, the estimate a person provides for October is further from the true October temperature than the average of their estimates for September and November is from the true October temperature. In what sense is this finding related to the wisdom of the crowd within effect? How is it the same and how is it different? Does this method have any advantages over the standard wisdom of the crowd within approach?

 

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