JoshuaZ comments on A Fundamental Question of Group Rationality - Less Wrong
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To jump off of what komponisto said, I had a similar reaction when I was at Yale also. Now that I'm a grad student at a less prestigious university I see a lot of dumb undergrads as well as dumb people in some other departments. It seems that the smartest kids at BU are as smart as the smartest Yalies. But there are a lot more dumb kids and the dumbest undergrads are much dumber than the dumbest Yalies.