Opinion dynamics and wisdom under conformity

Item Type Journal paper
Abstract 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.
Authors Hellmann, Tim & Klössner, Stefan
Journal or Publication Title Journal of Economic Dynamics and Control
Language English
Keywords Opinion leadership; Wisdom of crowds; Consensus; Social networks; Conformity; Eigenvector centrality
Subjects economics
HSG Classification contribution to scientific community
Refereed Yes
Date 1 March 2015
Publisher Elsevier
Place of Publication Amsterdam
Volume 52
Number 52
Page Range 240-257
Number of Pages 18
ISSN 0165-1889
Publisher DOI https://doi.org/10.1016/j.jedc.2014.12.006
Depositing User Dr. Berno Büchel
Date Deposited 13 Jan 2016 19:15
Last Modified 13 Jan 2016 19:35
URI: https://www.alexandria.unisg.ch/publications/246691


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Hellmann, Tim & Klössner, Stefan (2015) Opinion dynamics and wisdom under conformity. Journal of Economic Dynamics and Control, 52 (52). 240-257. ISSN 0165-1889


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