Policy Bubbles: Policy Overreaction and Positive Feedback

• 成果类型: Article
• 署名作者: Maor, Moshe
• 署名单位: Hebrew University of Jerusalem
• 刊物名称: GOVERNANCE-AN INTERNATIONAL JOURNAL OF POLICY ADMINISTRATION AND INSTITUTIONS
• ISSN/ISSBN: 0952-1895
• DOI: 10.1111/gove.12048
• 发表日期: 2014
• 关键词: speculative bubbles; ideas; optimism; PARADIGMS; pessimism; MODEL

摘要

Drawing on insights from economics, psychology, sociology, political science, and policy sciences, this article proposes a definition and measurement strategies for policy bubbles. A policy bubble is a real and/or perceived policy overreaction that is reinforced by positive feedback over an extended period of time. Positive feedback is here integrated in a model of human herding as the key factor that propels this process but also as a key generator of change. The process is conceptualized in terms of the formation, growth, and burst of policy bubbles. This causal-explanatory understanding of the term allows for the possibility that different modes of policy overreaction lead to different types of human herding, thereby resulting in different types of policy bubbles.