Misspecified agents sustain an evolutionarily stable positive level of peer pressure that produces self-confirming Nash equilibria in which they exert effort matching their true returns, generating informational rents without allocative distortions.
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Misspecified beliefs and the evolution of peer pressure
Misspecified agents sustain an evolutionarily stable positive level of peer pressure that produces self-confirming Nash equilibria in which they exert effort matching their true returns, generating informational rents without allocative distortions.