2021
DOI: 10.2139/ssrn.3778836
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Cascading Expert Failure

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Cited by 4 publications
(3 citation statements)
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“…Action bias, along with escalation of commitment and sunk cost fallacy may have played a role in the suboptimal decision-making processes surrounding the COVID-19 crisis ( Schippers and Rus, 2021 ). Combined with the (in hindsight) overestimation made by experts of the expected infection fatality and of the buffering effects of several aggressive measures ( Chin et al, 2021 ; Ioannidis et al, 2022 ; Pezzullo et al, 2023 ) led to a disastrous chain of self-perpetuating decision-making ( Magness and Earle, 2021 ; Murphy, 2021 ). Instead of dialing back, the general political climate and response doubled down on the measures and on defending a narrative in their support, leading to a Death Spiral of low-quality decision making and serious consequences.…”
Section: Downward Spiralmentioning
confidence: 99%
“…Action bias, along with escalation of commitment and sunk cost fallacy may have played a role in the suboptimal decision-making processes surrounding the COVID-19 crisis ( Schippers and Rus, 2021 ). Combined with the (in hindsight) overestimation made by experts of the expected infection fatality and of the buffering effects of several aggressive measures ( Chin et al, 2021 ; Ioannidis et al, 2022 ; Pezzullo et al, 2023 ) led to a disastrous chain of self-perpetuating decision-making ( Magness and Earle, 2021 ; Murphy, 2021 ). Instead of dialing back, the general political climate and response doubled down on the measures and on defending a narrative in their support, leading to a Death Spiral of low-quality decision making and serious consequences.…”
Section: Downward Spiralmentioning
confidence: 99%
“…By some standard of judgment, the expert is seen as superior. That standard of judgment may be from a degree-granting institution (such as a university bestowing a degree on an individual), the relative prominence of the individual (Bikhchandani, Hirshleifer, and Welch 1992;Murphy 2022), or how successful they are perceived to be (Smith [1759(Smith [ ] 1984. Regardless of how the judgment is formed, the expert is 'superior' in the comparative sense and thus possesses comparative authority as well.…”
Section: Comparative and Jural Expert Superioritymentioning
confidence: 99%
“…The theory of expert failure is not exhausted by the simple table I give in Koppl (2018, p. 190). For example, Murphy (2021) has expanded the theory by contributing a theory of "cascading expert failure", whereby one expert failure may lead to another in a process similar the regulatory dynamic described by Ikeda (1997) and others. Nevertheless, Table 1 identifies the most important institutional elements of the theory.…”
Section: Theory Of Expert Failurementioning
confidence: 99%