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Article: The self-perpetuation of biased beliefs

TitleThe self-perpetuation of biased beliefs
Authors
Issue Date2004
PublisherBlackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journals/ECOJ
Citation
Economic Journal, 2004, v. 114 n. 495, p. 377-396 How to Cite?
AbstractTo 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 use. 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. © Royal Economic Society 2004.
Persistent Identifierhttp://hdl.handle.net/10722/85661
ISSN
2015 Impact Factor: 2.37
2015 SCImago Journal Rankings: 3.390
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorSuen, Wen_HK
dc.date.accessioned2010-09-06T09:07:44Z-
dc.date.available2010-09-06T09:07:44Z-
dc.date.issued2004en_HK
dc.identifier.citationEconomic Journal, 2004, v. 114 n. 495, p. 377-396en_HK
dc.identifier.issn0013-0133en_HK
dc.identifier.urihttp://hdl.handle.net/10722/85661-
dc.description.abstractTo 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 use. 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. © Royal Economic Society 2004.en_HK
dc.languageengen_HK
dc.publisherBlackwell Publishing Ltd. The Journal's web site is located at http://www.blackwellpublishing.com/journals/ECOJen_HK
dc.relation.ispartofEconomic Journalen_HK
dc.rightsThe Economic Journal. Copyright © Blackwell Publishing Ltd.en_HK
dc.titleThe self-perpetuation of biased beliefsen_HK
dc.typeArticleen_HK
dc.identifier.openurlhttp://library.hku.hk:4550/resserv?sid=HKU:IR&issn=0013-0133&volume=114&spage=377&epage=396&date=2004&atitle=The+Self-Perpetuation+of+Biased+Beliefsen_HK
dc.identifier.emailSuen, W: hrneswc@hkucc.hku.hken_HK
dc.identifier.authoritySuen, W=rp00066en_HK
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/j.1468-0297.2004.00213.xen_HK
dc.identifier.scopuseid_2-s2.0-1942520190en_HK
dc.identifier.hkuros91225en_HK
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-1942520190&selection=ref&src=s&origin=recordpageen_HK
dc.identifier.volume114en_HK
dc.identifier.issue495en_HK
dc.identifier.spage377en_HK
dc.identifier.epage396en_HK
dc.identifier.isiWOS:000221058500008-
dc.publisher.placeUnited Kingdomen_HK
dc.identifier.scopusauthoridSuen, W=7006977946en_HK

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