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Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems

Publication ,  Journal Article
Munger, MC
Published in: Kyklos
August 1, 2020

Preferences and beliefs are more widely and systematically shared than might be predicted by a subjective, idiosyncratic view arising out of neoclassical economics. Two works were published twenty five years ago on just this question, contesting conceptions of belief acquisition: Denzau and North (1994) and Hinich and Munger (1994). Denzau and North argued that beliefs are simplified representations of reality that provide conventional means of interpreting the world around us; Hinich and Munger agreed. But Denzau and North argued that beliefs were essentially self-perpetuating, and not subject to optimizing revision based on feedback, while Hinich and Munger followed the orthodox Downsian notion of a heuristic that economizes (in equilibrium) on the cost of becoming informed about politics. The big difference is that the Hume-Denzau-North conception follows the “Folk Theorem,” making no claim about the optimality of the belief systems that a society comes to share.

Duke Scholars

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Published In

Kyklos

DOI

EISSN

1467-6435

ISSN

0023-5962

Publication Date

August 1, 2020

Volume

73

Issue

3

Start / End Page

392 / 409

Related Subject Headings

  • Economics
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1402 Applied Economics
 

Citation

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Munger, M. C. (2020). Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems. Kyklos, 73(3), 392–409. https://doi.org/10.1111/kykl.12243
Munger, M. C. “Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems.” Kyklos 73, no. 3 (August 1, 2020): 392–409. https://doi.org/10.1111/kykl.12243.
Munger, M. C. “Ideology and the Direction of Causation in the Acquisition and Maintenance of Shared Belief Systems.” Kyklos, vol. 73, no. 3, Aug. 2020, pp. 392–409. Scopus, doi:10.1111/kykl.12243.
Journal cover image

Published In

Kyklos

DOI

EISSN

1467-6435

ISSN

0023-5962

Publication Date

August 1, 2020

Volume

73

Issue

3

Start / End Page

392 / 409

Related Subject Headings

  • Economics
  • 3801 Applied economics
  • 3502 Banking, finance and investment
  • 1402 Applied Economics