Allgemeine Theorie der Beschäftigung, des Zinses und des Geldes
A Keynesian beauty contest is a concept developed by John Maynard Keynes and introduced in Chapter 12 of his work, "The General Theory of Employment, Interest and Money" (1936), to explain price fluctuations in equity markets. It describes a beauty contest where judges are rewarded for selecting the "most popular" faces among all judges, rather than those they may personally find the most attractive.