The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
On the Evolution of Overconfidence and Entrepreneurs
Open accessAbstract
This paper explains why seemingly irrational overconfident behavior can persist. Information aggregation is poor in groups in which most individuals herd. By ignoring the herd, the actions of overconfident individuals (“entrepreneurs”) convey their private information. However, entrepreneurs make mistakes and thus die more frequently. The socially optimal proportion of entrepreneurs trades off the positive information externality against high attrition rates of entrepreneurs, and depends on the size of the group, on the degree of overconfidence, and on the accuracy of individuals' private information. The stationary distribution trades off the fitness of the group against the fitness of overconfident individuals.
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Citations
Cites
Lord, C. G., Ross, L., & Lepper, M. R. (1979) · Journal of Personality and Social Psychology · doi:10.1037/0022-3514.37.11.2098 · Cited by 4,583
Specious reward: A behavioral theory of impulsiveness and impulse control.
Ainslie, G. (1975) · Psychological Bulletin · doi:10.1037/h0076860 · Cited by 2,708 · cited 1×
“There are surprisingly few papers that explicitly adopt evolutionary selection (e.g., Becker, 1976; Ainslie, 1975; Hirshleifer, 1977; Hirshleifer, 1987; Hirshleifer and Martinez-Coll, 1988; Waldman, 1994; Rogers, 1994; Hirshleifer and Luo, 2001; Wang, 2001), and fewer yet that invoke group…”
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Cited by
Who makes acquisitions? CEO overconfidence and the market's reaction☆
MALMENDIER, U., & TATE, G. (2008) · Journal of Financial Economics · doi:10.1016/j.jfineco.2007.07.002 · Cited by 2,754
Investor Psychology and Asset Pricing
(2001) · The Journal of Finance · doi:10.1111/0022-1082.00379 · Cited by 2,357
Managerial Traits and Capital Structure Decisions
Hackbarth, D. (2008) · Journal of Financial and Quantitative Analysis · doi:10.1017/s002210900001437x · Cited by 540
Hirshleifer, D. (2015) · Annual Review of Financial Economics · doi:10.1146/annurev-financial-092214-043752 · Cited by 497
A Review of IPO Activity, Pricing and Allocations
Ritter, J. R., & Welch, I. (2002) · SSRN Electronic Journal · doi:10.2139/ssrn.296393 · Cited by 466
Self-citation
Metadata
- Authors
- Bernardo, A. E., & Welch, I.
- Venue
- Journal of Economics & Management Strategy
- Publisher
- Wiley
- Published
- 2001-09
- Volume
- 10
- Issue
- 3
- Pages
- 301-330
- ISSN
- 1058-6407 (ISSN-L)
- 1530-9134
- OpenAlex
- W2579747302
- Cited by
- 508
- References
- 2
- FWCI
- 49.15
- Type
- journal article
- Language
- en
- Open access
- green
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
