To specialize or to innovate? An internalist account of pluralistic ignorance in economics

Synthese 191 (11):2499-2511 (2014)
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Academic and corporate research departments alike face a crucial dilemma: to exploit known frameworks or to explore new ones; to specialize or to innovate? Here I show that these two conflicting epistemic desiderata are sufficient to explain pluralistic ignorance and its boom-and-bust-like dynamics, exemplified in the collapse of the efficient markets hypothesis as a modern risk management paradigm in 2007. The internalist nature of this result, together with its robustness, suggests that pluralistic ignorance is an inherent feature rather than a threat to the rationality of epistemic communities.



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Rogier De Langhe
Tilburg University

Citations of this work

The Diffusion of Scientific Innovations: A Role Typology.Catherine Herfeld & Malte Doehne - 2019 - Studies in History and Philosophy of Science Part A 77:64-80.
Scientific Revolutions.Thomas Nickles - 2010 - Stanford Encyclopedia of Philosophy.

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References found in this work

The Structure of Scientific Revolutions.Thomas S. Kuhn - 1962 - University of Chicago Press.
Logical Foundations of Probability.Rudolf Carnap - 1950 - Chicago, IL, USA: Chicago University of Chicago Press.
The Role of the Priority Rule in Science.Michael Strevens - 2003 - Journal of Philosophy 100 (2):55-79.

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