arXiv:2501.17310v3 Announce Type: replace Abstract: Guesstimation--the task of making approximate quantitative estimates about objects or events-is a common real--world skill, yet remains underexplored in large language model (LLM) research. We introduce three guesstimation datasets: MARBLES, FUTURE, and ELECPRED, spanning physical estimation (e.g., how many marbles fit in a cup) to abstract predictions (e.g., the 2024 U.S. presidential election). Inspired by the social science concept of Wisdom of Crowds (WOC)- where the median of multiple estimates improves accuracy-we propose WOC decoding for LLMs. We replicate WOC effects in human participants and find that LLMs exhibit similar benefits: median aggregation across sampled responses consistently improves accuracy over greedy decoding, self-consistency decoding, and mean decoding. This suggests that LLMs encode a world model that supports approximate reasoning. Our results position guesstimation as a useful probe of LLM world knowledge and highlight WOC decoding as a strategy for enhancing LLM guesstimation performance on real-world tasks.