Groupthink: Collective Delusions in Organizations and Markets

DOI10.1093/restud/rds030zbMath1263.91030OpenAlexW3121977984MaRDI QIDQ4922016

Roland Benabou

Publication date: 28 May 2013

Published in: The Review of Economic Studies (Search for Journal in Brave)

Full work available at URL: http://www.nber.org/papers/w14764.pdf

zbMATH Keywords

financial crisispsychologyspeculative bubblesoverconfidencecognitive dissonancemarket crasheswishful thinkinggroupthinkmarket exuberancemaniasorganizational culturemoraleanticipatory feelingstoxic assets

Mathematics Subject Classification ID

Group preferences (91B10) Economics of information (91B44) Economic models of real-world systems (e.g., electricity markets, etc.) (91B74)

Related Items (11)

The importance of expertise in group decisions ⋮ Asset holdings, information aggregation in secondary markets and credit cycles ⋮ Heterogeneous network games: conflicting preferences ⋮ Boom-bust dynamics in a stock market participation model with heterogeneous traders ⋮ Value homophily benefits cooperation but motivates employing incorrect social information ⋮ Socially interdependent risk taking ⋮ On self-serving strategic beliefs ⋮ Why votes have value: instrumental voting with overconfidence and overestimation of others' errors ⋮ Imperfect memory and choice under risk ⋮ Process manipulation in unique implementation ⋮ Utility from anticipation and personal equilibrium

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