The Keynesian Beauty Contest Described in John Maynard Keynes…
Page 79. The Keynesian Beauty Contest Described in John Maynard Keynes general theory of employment, interest in money. He described a contest Which people try to pick the six prettiest faces out of a set of 100 pictures. It is not a case of choosing those which to the best of ones judgment are really the prettiest, not even those whose average opinion generally thinks the prettiest. We have reached the third degree where we devote our intelligence is to anticipating what average opinions expect the average opinion to be.
— from The Instruments (Awareness/Perception/Expectations)