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  • In the fields of social choice, public choice, and political economics, the key difference between private and political decision-making is whether preferences have to be aggregated to make a decision. A related, yet much less studied difference is whether also beliefs have to be aggregated. In this chapter, we argue that belief aggregation creates different incentives for individual belief updates in private and political choice. We review contemporary theories of biased beliefs in politics: Bayesian misperceptions, behavioral anomalies, and rational irrationality. We examine assumptions and consequences of all the approaches vis-a-vis issues of common knowledge, stability, symmetry, and multiplicity of stable states. As a route for further analysis, we construct an evolutionary model including a coordination failure. Differences in learning dynamics make the political play of this baseline game Pareto-inferior to the private play.
  • In the fields of social choice, public choice, and political economics, the key difference between private and political decision-making is whether preferences have to be aggregated to make a decision. A related, yet much less studied difference is whether also beliefs have to be aggregated. In this chapter, we argue that belief aggregation creates different incentives for individual belief updates in private and political choice. We review contemporary theories of biased beliefs in politics: Bayesian misperceptions, behavioral anomalies, and rational irrationality. We examine assumptions and consequences of all the approaches vis-a-vis issues of common knowledge, stability, symmetry, and multiplicity of stable states. As a route for further analysis, we construct an evolutionary model including a coordination failure. Differences in learning dynamics make the political play of this baseline game Pareto-inferior to the private play. (en)
Title
  • Markets vs politics: correcting erroneous beliefs differently
  • Markets vs politics: correcting erroneous beliefs differently (en)
skos:prefLabel
  • Markets vs politics: correcting erroneous beliefs differently
  • Markets vs politics: correcting erroneous beliefs differently (en)
skos:notation
  • RIV/00216208:11230/08:10118878!RIV12-MSM-11230___
http://linked.open...avai/riv/aktivita
http://linked.open...avai/riv/aktivity
  • Z(MSM0021620841)
http://linked.open...vai/riv/dodaniDat
http://linked.open...aciTvurceVysledku
http://linked.open.../riv/druhVysledku
http://linked.open...iv/duvernostUdaju
http://linked.open...titaPredkladatele
http://linked.open...dnocenehoVysledku
  • 377820
http://linked.open...ai/riv/idVysledku
  • RIV/00216208:11230/08:10118878
http://linked.open...riv/jazykVysledku
http://linked.open.../riv/klicovaSlova
  • irrationality; economy; politics; markets (en)
http://linked.open.../riv/klicoveSlovo
http://linked.open...ontrolniKodProRIV
  • [6E3D91106221]
http://linked.open...v/mistoKonaniAkce
  • Edmonton
http://linked.open...i/riv/mistoVydani
  • Bingley
http://linked.open...i/riv/nazevZdroje
  • Explorations in Austrian economics
http://linked.open...in/vavai/riv/obor
http://linked.open...ichTvurcuVysledku
http://linked.open...cetTvurcuVysledku
http://linked.open...UplatneniVysledku
http://linked.open...iv/tvurceVysledku
  • Gregor, Martin
http://linked.open...vavai/riv/typAkce
http://linked.open...ain/vavai/riv/wos
  • 000271030400005
http://linked.open.../riv/zahajeniAkce
http://linked.open...n/vavai/riv/zamer
issn
  • 1529-2134
number of pages
http://bibframe.org/vocab/doi
  • 10.1016/S1529-2134(08)11004-3
http://purl.org/ne...btex#hasPublisher
  • Emerald Group Publishing
https://schema.org/isbn
  • 978-1-84855-330-9
http://localhost/t...ganizacniJednotka
  • 11230
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