ID Lab ONLINE Research Workshop
Petr Parshakov presented the study "The Wisdom of Crowds and Transfer Market Values"
Petr Parshakov, deputy head and researcher at ID Lab, presented the study "The Wisdom of Crowds and Transfer Market Values". The study was co-written with Dennis Coates and Anna Bykova.
Crowd-sourcing of information has become popular in the years since James Surowiecki published The Wisdom of Crowds: why the many are smarter than the few and how collective wisdom shapes business, economies, societies, and nations. In sports, crowd-sourced estimates of players’ values and abilities are common, particularly in football where salary information is generally unavailable. The analysis here first considers the characteristics of a good crowd-sourced value then turns to an empirical analysis which applies those characteristics and their implications to assess the quality of the Transfermarkt values.