According to a phenomenon known as "the wisdom of the crowds," combining point estimates from multiple judges often provides a more accurate aggregate estimate than using a point estimate from a single judge. However, if the judges use shared information in their estimates, the simple average will over-emphasize this common component at the expense of the judges’ private information. Asa Palley & Ville Satopää (2021) "Boosting the Wisdom of Crowds Within a Single Judgment Problem: Selective Averaging Based on Peer Predictions" <https://papers.ssrn.com/sol3/Papers.cfm?abstract_id=3504286> proposes a procedure for calculating a weighted average of the judges’ individual estimates such that resulting aggregate estimate appropriately combines the judges' collective information within a single estimation problem. The authors use both simulation and data from six experimental studies to illustrate that the weighting procedure outperforms existing averaging-like methods, such as the equally weighted average, trimmed average, and median. This aggregate estimate – know as "the knowledge-weighted estimate" – inputs a) judges' estimates of a continuous outcome (E) and b) predictions of others' average estimate of this outcome (P). In this R-package, the function knowledge_weighted_estimate(E,P) implements the knowledge-weighted estimate. Its use is illustrated with a simple stylized example and on real-world experimental data.

Version: | 0.1.0 |

Depends: | R (≥ 2.10) |

Imports: | MASS, stats |

Suggests: | knitr, rmarkdown, testthat (≥ 3.0.0) |

Published: | 2021-01-09 |

Author: | Ville Satopää [aut, cre, cph], Asa Palley [aut] |

Maintainer: | Ville Satopää <ville.satopaa at gmail.com> |

License: | GPL-2 |

Copyright: | (c) Ville Satopaa |

NeedsCompilation: | no |

Citation: | metaggR citation info |

Materials: | README |

CRAN checks: | metaggR results |

Reference manual: | metaggR.pdf |

Vignettes: |
Knowledge Weighted Estimate |

Package source: | metaggR_0.1.0.tar.gz |

Windows binaries: | r-devel: metaggR_0.1.0.zip, r-release: metaggR_0.1.0.zip, r-oldrel: metaggR_0.1.0.zip |

macOS binaries: | r-release: metaggR_0.1.0.tgz, r-oldrel: metaggR_0.1.0.tgz |

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