Policy Bubbles: Policy Overreaction and Positive Feedback

Moshe H Maor

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Policy Transfer and Learning Public Policy and Administration Research Public Administration and Political Analysis

Abstract

Drawing on insights from economics, psychology, sociology, political science and policy sciences, this paper proposes a definition and measurement strategies for policy bubbles. A policy bubble is a real and/or perceived policy overreaction which is reinforced by positive feedback over an extended period of time. Positive feedback is here integrated in a model of human herding as the key factor that propels this process, but also as a key generator of change. The process is conceptualized in terms of the formation, growth and burst of policy bubbles. This causal-explanatory understanding of the term allows for the possibility that different modes of policy overreaction lead to different types of herding and imitation, thereby resulting in different types of policy bubbles.

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References

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