Opinion dynamics and wisdom under conformity

Buechel B, Hellmann T, Klößner S (2013) Working Papers. Center for Mathematical Economics; 469.
Bielefeld: Center for Mathematical Economics.

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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 influencev on the long-run group opinion is increasing in network centrality and decreasing in conformity. For efficiency of information aggregation (\wisdom"), misrepresentation of opinions need not undermine wisdom. 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.
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Buechel B, Hellmann T, Klößner S. Opinion dynamics and wisdom under conformity. Working Papers. Center for Mathematical Economics. Vol 469. Bielefeld: Center for Mathematical Economics; 2013.
Buechel, B., Hellmann, T., & Klößner, S. (2013). Opinion dynamics and wisdom under conformity (Working Papers. Center for Mathematical Economics, 469). Bielefeld: Center for Mathematical Economics.
Buechel, B., Hellmann, T., and Klößner, S. (2013). Opinion dynamics and wisdom under conformity. Working Papers. Center for Mathematical Economics, 469, Bielefeld: Center for Mathematical Economics.
Buechel, B., Hellmann, T., & Klößner, S., 2013. Opinion dynamics and wisdom under conformity, Working Papers. Center for Mathematical Economics, no.469, Bielefeld: Center for Mathematical Economics.
B. Buechel, T. Hellmann, and S. Klößner, Opinion dynamics and wisdom under conformity, Working Papers. Center for Mathematical Economics, vol. 469, Bielefeld: Center for Mathematical Economics, 2013.
Buechel, B., Hellmann, T., Klößner, S.: Opinion dynamics and wisdom under conformity. Working Papers. Center for Mathematical Economics, 469. Center for Mathematical Economics, Bielefeld (2013).
Buechel, Berno, Hellmann, Tim, and Klößner, Stefan. Opinion dynamics and wisdom under conformity. Bielefeld: Center for Mathematical Economics, 2013. Working Papers. Center for Mathematical Economics. 469.
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