The self-perpetuation of biased beliefs

• 成果类型: Article
• 署名作者: Suen, W
• 署名单位: University of Hong Kong
• 刊物名称: ECONOMIC JOURNAL
• ISSN/ISSBN: 0013-0133
• DOI: 10.1111/j.1468-0297.2004.00213.x
• 发表日期: 2004
• 页码: 377-396
• 关键词: information; hierarchies; ECONOMICS; MODEL

摘要

To overcome strong prior beliefs, strong evidence to the contrary is needed. If a person is predisposed to choosing a certain action, the advice from an advisor who sets a low threshold for recommending the alternative action is not Of much rise. The preference for like-minded advisors who supply coarse information implies that the advice a person receives is likely to reinforce his existing priors. This effect can lead to polarisation of opinion and the emergence of self-serving beliefs. The learning process is prolonged and the induced short run bias can become perpetual if information is costly.