Utilization of anchoring bias for enhancing the wisdom of crowds

Abstract

We propose a method of utilizing anchor-biased estimates for enhancing wisdom of crowds (aggregation of individual estimates become more accurate estimate). We hypothesize that estimates from diverse perspectives can be obtained from anchor-biased estimations and good wisdom of crowds can be achieved. We conducted behavioral experiments and computer simulations to examine this hypothesis, and found that good wisdom of crowds can be achieved by utilizing anchor-biased estimates.