Groupthink: Collective delusions in organizations and markets

DOI10.1093/RESTUD/RDS030zbMATH Open1263.91030OpenAlexW3121977984MaRDI QIDQ4922016FDOQ4922016

Roland Benabou

Publication date: 28 May 2013

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

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

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zbMATH Keywords

psychologyfinancial crisisspeculative bubblesoverconfidencecognitive dissonancemarket crasheswishful thinkinggroupthinkmarket exuberancemaniasorganizational culturemoraleanticipatory feelingstoxic assets

Mathematics Subject Classification ID

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

Cited In (12)

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

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