Opinion Dynamics and Wisdom under Conformity

Arbeitspapier

We study a dynamic model of opinion formation in social networks. In our model, boundedly rational agents update opinions by averaging over their neighbors' expressed opinions, but may misrepresent their own opinion by conforming or counter-conforming with their neighbors. We show that an agent's social influence on the long-run group opinion is increasing in network centrality and decreasing in conformity. Concerning efficiency of information aggregation or "wisdom" of the society, it turns out that misrepresentation of opinions need not undermine wisdom, but may even enhance it. Given the network, we provide the optimal distribution of conformity levels in the society and show which agents should be more conforming in order to increase wisdom.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Nota di Lavoro ; No. 51.2014

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Noncooperative Games ; Search; Learning; Information and Knowledge; Communication; Belief; Unawareness ; Network Formation and Analysis: Theory ; Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification
• Thema: Opinion Leadership ; Wisdom Of Crowds ; Consensus ; Social Networks ; Conformity ; Eigenvector Centrality

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Buechel, Berno ; Hellmann, Tim ; Kölßner, Stefan
• Ereignis: Veröffentlichung
• (wer): Fondazione Eni Enrico Mattei (FEEM)
• (wo): Milano
• (wann): 2014

Weitere Informationen

• Handle: http://hdl.handle.net/10419/101961
• Letzte Aktualisierung: 10.03.2025, 11:41 MEZ