Abstract
The purpose of this study is to explain why the social phenomenon of the wisdom of the crowd does not empirically apply. The motivation of this study is to explain the Korean social issue: the Tablo incident. In this study, 50 university students participated in the experiments to assess the impact of social media on the wisdom of crowds effect. We find evidence of a positive wisdom of crowds effect, when respondents are less exposed to media. In contrast, the collective information seems to be negatively distorted by respondents highly exposed to media. This research has strong implication for education policy and theories of social interaction.
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