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Statements

Subject Item
n2:RIV%2F00216208%3A11230%2F08%3A10118878%21RIV12-MSM-11230___
rdf:type
n14:Vysledek skos:Concept
dcterms:description
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.
dcterms:title
Markets vs politics: correcting erroneous beliefs differently Markets vs politics: correcting erroneous beliefs differently
skos:prefLabel
Markets vs politics: correcting erroneous beliefs differently Markets vs politics: correcting erroneous beliefs differently
skos:notation
RIV/00216208:11230/08:10118878!RIV12-MSM-11230___
n3:aktivita
n6:Z
n3:aktivity
Z(MSM0021620841)
n3:dodaniDat
n11:2012
n3:domaciTvurceVysledku
n16:6617719
n3:druhVysledku
n20:D
n3:duvernostUdaju
n8:S
n3:entitaPredkladatele
n15:predkladatel
n3:idSjednocenehoVysledku
377820
n3:idVysledku
RIV/00216208:11230/08:10118878
n3:jazykVysledku
n19:eng
n3:klicovaSlova
irrationality; economy; politics; markets
n3:klicoveSlovo
n12:markets n12:irrationality n12:economy n12:politics
n3:kontrolniKodProRIV
[6E3D91106221]
n3:mistoKonaniAkce
Edmonton
n3:mistoVydani
Bingley
n3:nazevZdroje
Explorations in Austrian economics
n3:obor
n21:AH
n3:pocetDomacichTvurcuVysledku
1
n3:pocetTvurcuVysledku
1
n3:rokUplatneniVysledku
n11:2008
n3:tvurceVysledku
Gregor, Martin
n3:typAkce
n10:WRD
n3:wos
000271030400005
n3:zahajeniAkce
2005-10-07+02:00
n3:zamer
n18:MSM0021620841
s:issn
1529-2134
s:numberOfPages
25
n22:doi
10.1016/S1529-2134(08)11004-3
n17:hasPublisher
Emerald Group Publishing
n13:isbn
978-1-84855-330-9
n9:organizacniJednotka
11230