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Chariton Class Puts Economic Theory to Test!
In Mark Felderman’s economics class, lots of economic theories and practices are taught, examined, discussed and learned. On September 17th one unusual one was put to the test.
The economic concept of “the wisdom of the crowd” was examined. It is the process of taking into account the collective opinion of a group of individuals rather than a single expert to answer a question. After discussing the concept it was suggested that the class put this theory to the test. Students Ben Alfred and Phillip Masters came up with a great test. How many windows (panes of glass) are visible from the outside of all the high school complex buildings? Students from the economics class visited first period classroom and polled nearly 300 students for their guesses. Legitimate guesses (we threw out 5 guesses of “0” and two guesses over a million) from 7 to 80,000 were tallied and added up. The total was then divided by the number of guesses, 293.
Phillip Masters, Skyler Ross, Quincy Swarthout, Nate Hoeger, completed the task of counting the panes. “That’s just crazy,” exclaimed junior Cole Graves, when he saw the results. There are 886 window panes visible from the outside of the buildings. The average of 293 guess was 885.47! The wisdom of the crowd missed the answer by 6/100s of 1%. The wisdom of the crowd is an economic theory that the economic students at CHS and their teacher won’t soon forget.
Thank you Chariton teacher, Mark Felderman, for the great story!