Buechel, Berno Hellmann, Tim Kloessner, Stefan 2015 We study a dynamic model of opinion formation in social networks. In our model, boundedly rational agents update opinions by averaging over their neighbors’ expressed opinions, but may misrepresent their own opinion by conforming or counter-conforming with their neighbors. We show that an agent׳s social influence on the long-run group opinion is increasing in network centrality and decreasing in conformity. Concerning efficiency of information aggregation or “wisdom” of the society, it turns out that misrepresentation of opinions need not undermine wisdom, but may even enhance it. Given the network, we provide the optimal distribution of conformity levels in the society and show which agents should be more conforming in order to increase wisdom. application/pdf https://folia.unifr.ch/global/documents/308201 https://folia.unifr.ch/documents/308201/files/buecheletal.jedc-opiniondynamicspublishedversion.pdf eng info:eu-repo/semantics/altIdentifier/doi/10.1016/j.jedc.2014.12.006 info:eu-repo/semantics/openAccess License undefined Journal of economic dynamics and control. - 2015, vol. 52, p. 240-257 Opinion leadership Wisdom ofcrowds Consensus Social networks Conformity Eigenvector centrality info:eu-repo/classification/udc/33 Opinion dynamics and wisdom under conformity http://purl.org/coar/resource_type/c_6501