Conférence Jean-Jacques Laffont the economics of motivated beliefs

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Abstract

I present the key ideas and results from recent work incorporating "motivated" belief distortions into Economics, both at the individual level (overconfidence, wishful thinking, willful blindness) and at the social one (groupthink, team morale, market exuberance and crises). To do so I develop a flexible model that unifies much of this line of research, then relate its main assumptions and testable predictions to the relevant experimental and observational evidence.

Original languageEnglish (US)
Pages (from-to)665-685
Number of pages21
JournalRevue d'Economie Politique
Volume125
Issue number5
DOIs
StatePublished - 2015
Externally publishedYes

All Science Journal Classification (ASJC) codes

  • Political Science and International Relations

Keywords

  • Anticipatory utility
  • Beliefs
  • Cognitive biases
  • Cognitive dissonance
  • Financial crisis
  • Group morale
  • Groupthink
  • Hubris
  • Information aversion
  • Market exuberance
  • Memory
  • Motivated cognition
  • Non-Bayesian updating
  • Organizational culture
  • Overconfidence
  • Psychology
  • Speculative bubbles
  • Willful ignorance
  • Wishful thinking

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