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handoflixue comments on Why We Can't Take Expected Value Estimates Literally (Even When They're Unbiased) - Less Wrong
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Comments (249)
It seems like the most useful rating system would be to show a topology, then? (which I know Amazon and NewEgg both do, but only when you've gone in to the details of a review).
For a simple one-value summary, it seems like this is probably a pretty good formula. You can, as mentioned, adjust the confidence if 95% gives you trouble with your data set.
It seems like "this is what scientific papers go with" is pretty sane as far as defaults go, and as "non-arbitrary" as a default value really could be.