Herding, social influence and expert opinion
Bibliographic Data
| ID | 18993454 |
|---|---|
| Authors | Michelle Baddeley (0000-0001-7884-0374, University College London, corresponding author) |
| Year | 2013 |
| Volume | 20 |
| Issue | 1 |
| Pages | 35-44 |
| Publication date | 2013-03-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Economic Methodology (JOURNAL) |
| Journal identifiers | ISSN: 1350-178X • E-ISSN: 1469-9427 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/1350178x.2013.774845 |
| OpenAlex | W2005360529 |
| Language | EN |
| Citations received | 7 |
| References cited | 26 |
This paper analyzes the impact of social influences on opinion formation among academics and other experts. Some social influences are valuable – for example, replicating results is a valuable aspect of scientific research and if a hypothesis has genuinely been verified across a range of different studies, then that may be because it is more probable. In uncertain situations, however, people employ heuristics and rules of thumb to guide their interpretation of events, and this can create problems of cognitive bias, including group biases when beliefs tend to coincide with the prior opinions of others, thus creating herding and path dependency. This tendency to follow others may be magnified by other social influences including reputation-building and conformity preference. Insights about herding and social influence are used to build a model of relative rewards to consensus versus contrarianism. This paper concludes with an analysis of implications and policies designed to moderate the negative herding externalities
Expert opinion · Geography · Herding · Political science · Social science · Sociology · Experimental Behavioral Economics Studies · Game Theory and Applications · Medicine · Opinion Dynamics and Social Influence
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| Citations per year | 1 |
|---|---|
| Citation span | 2019 - 2026 (8) |
| Highly cited | No |