Confirmation Bias and Convergence of Beliefs: an Agent-Based Model Approach

  • Kean-Siang Ch'ng Universiti Sains Malaysia
  • Norzarina Mohd Zaharim Universiti Sains Malaysia

Abstract

We simulated societal opinion dynamics when there is confirmation bias in information gathering and spread. If decision making is influenced by confirmation bias, an agent puts more weight on positive information to confirm hypothesis or reservation in the learning process, which renders selectivity in information gathering. If the utility discovered post-purchase is low, it is externalised rather than internalised (i.e. self-blame) for the selectivity of information. This causes the agent to outweigh the negative information. These two mechanisms are simulated to investigate societal opinion dynamics and explain behavioural patterns such as over-confidence and convergence of opinions.

Author Biographies

Kean-Siang Ch'ng, Universiti Sains Malaysia

Pusat Pengajian Sains Kemasyarakatan, Universiti Sains Malaysia

Norzarina Mohd Zaharim, Universiti Sains Malaysia

Pusat Pengajian Sains Kemasyarakatan, Universiti Sains Malaysia

Published
2017-06-02
How to Cite
CH'NG, Kean-Siang; MOHD ZAHARIM, Norzarina. Confirmation Bias and Convergence of Beliefs: an Agent-Based Model Approach. Malaysian Journal of Economic Studies, [S.l.], v. 47, n. 1, p. 19-31, june 2017. ISSN 1511-4554. Available at: <https://mjes.um.edu.my/index.php/MJES/article/view/2831>. Date accessed: 19 nov. 2017.
Section
Articles