Benjamin Golub, Matthew O. Jackson (2010), American Economic Journal: Microeconomics 2(1), 112–149.
Key takeaways
From the reading, NOTE-840.
- Consensus as an eigenvector average. For a convergent interaction matrix T, every agent in a closed group ends at s·p(0), s the unit left eigenvector of T; an agent’s influence is the trust-weighted influence of those who listen to it.
- Wisdom ⇔ no dominant influence (Proposition 2). A growing society’s limit beliefs converge in probability to the truth iff the largest influence weight → 0, for all independent signal distributions with mean μ and variance bounded below, or for none.
- Equal reciprocal weights (Corollary 1). Wisdom ⇔ max degree / total degree → 0.
- Obstruction (Proposition 3). A finite group that everyone attends to, directly or within t steps, with weight bounded below, prevents wisdom. Indirect position can give an agent near-total influence (Example 4).
- Sufficient conditions (Theorems 1, 4). Balance plus minimal out- or in-dispersion.
- Speed is separate (§V). Fast or slow consensus can be right or wrong.
- The agents are naïve. They ignore repetition and correlation of what they hear; only the first round is Bayesian.
Standing in the record
Filed 2026-10-12 for QUESTION-047 and read in full on 2026-10-14 (NOTE-840). It is a proved case of the question’s form: members share one updating rule, and whether the community settles on the truth is fixed by the influence structure. The filing called the members sound; they are naïve, which narrows what the case shows to uniform members, not sound ones. THEORY-321, filed from it, answers QUESTION-047 in part, in a model. It sits beside THEORY-143 and THEORY-148, adding concentration of influence as a structural variable.