Worry about relevance, do not deviate from the consensus
The field of social psychology provides a possible answer. In his classic 1972 book, "Groupthink," Irving L. Janis, the Yale psychologist, explained how panels of experts could make colossal mistakes. People on these panels, he said, are forever worrying about their personal relevance and effectiveness, and feel that if they deviate too far from the consensus, they will not be given a serious role. They self-censor personal doubts about the emerging group consensus if they cannot express these doubts in a formal way that conforms with apparent assumptions held by the group.
Economic View
Challenging the Crowd in Whispers, Not Shouts
By ROBERT J. SHILLER
Published: November 2, 2008
Explaining the psychology of how panels of economic experts can make colossal mistakes.