NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Groupthink: Collective Delusions in Organizations and Markets

Roland Bénabou

NBER Working Paper No. 14764
Issued in March 2009

---- Acknowledgements -----

I am particularly grateful to Jean Tirole, as the paper builds on some of our earlier joint work. I am also thankful for valuable comments to George Akerlof, Daron Acemoglu, Alan Blinder, Markus Brunnermeier, Andrew Caplin, Sylain Chassang, Rafael Di Tella, Xavier Gabaix, Bob Gibbons, Boyan Jovanovic, Alessandro Lizzeri, Glenn Loury, Kiminori Matsuyama, Ben Polak, Eric Rasmussen, Ricardo Reis, Jean-Charles Rochet, Tom Romer, Julio Rotemberg, Tom Sargent, Hyun Shin, Glen Weyl, Muhamet Yildiz and to seminar participants at Princeton, NYU, Cornell, George Mason, INSEAD, Oxford, the Harvard-MIT workshop on the Economics of Organizations, Brown, Yale, Chicago G.S.B., Berkeley, UCSD, UCLA, LSE, PSE, Penn and Duke universities. Rainer Schwabe and Andrei Rachkov provided superb research assistance. Support from the Canadian Institute for Advanced Research is gratefully acknowledged. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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