Conformity and out of equilibrium beliefs
AbstractWe analyze a model of conformity with contrasting inferences. Given a form of 'strong inferences', any non-conforming agent is believed to have 'extreme preferences' and can expect to receive low esteem. With a weaker form of inferences, a non-conforming agent could be inferred to have 'average preferences' and can expect a smaller fall in esteem. We find that the type of inferences need not influence whether a conformist equilibrium exists. It will, however, impact on the size of the set of conformist equilibria and thus weakening inferences acts as an equilibrium selection device.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Behavior & Organization.
Volume (Year): 70 (2009)
Issue (Month): 1-2 (May)
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Conformity Social norms Out of equilibrium beliefs Signalling;
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