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The principle of the malevolent hiding hand; or, the planning fallacy writ large

Abstract:

We identify and document a new principle of economic behavior: the principle of the Malevolent Hiding Hand. In a famous discussion, Albert Hirschman celebrated the Hiding Hand, which he saw as a benevolent mechanism by which unrealistically optimistic planners embark on unexpectedly challenging plans, only to be rescued by human ingenuity, which they could not anticipate, but which ultimately led to success, principally in the form of unexpectedly high net benefits. Studying eleven projects, ...

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Publication status:
Published
Peer review status:
Peer reviewed
Version:
Accepted manuscript

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Department:
St Annes College
Sunstein, CR More by this author
Publisher:
Johns Hopkins University Publisher's website
Journal:
Social Research Journal website
Volume:
83
Issue:
4
Pages:
979-1004
Publication date:
2017-02-26
ISSN:
0037-783X
Pubs id:
pubs:585114
URN:
uri:acfcf49f-80bc-49fa-9a71-21e528a6b5c9
UUID:
uuid:acfcf49f-80bc-49fa-9a71-21e528a6b5c9
Local pid:
pubs:585114

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