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| Author: | Bernardo, A. E. Welch, I. |
| Title: | On the evolution of overconfidence and entrepreneurs |
| Journal: | Journal of Economics and Management Strategy
2001 : FALL, VOL. 10:3, p. 301-330 |
| Index terms: | ENTREPRENEURSHIP INDIVIDUAL BEHAVIOUR INFORMATION |
| Freeterms: | OVERCONFIDENCE |
| Language: | eng |
| Abstract: | This paper explains why seemingly irrational overconfident behavior can persist. Information aggregation is poor in groups in which most individual herd. By ignoring the herd, the actions of overconfident individuals ("entrepreneurs") convey their private information. However, entrepreneurs make mistakes and thus die more frequently. |
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