Sometimes, this atavistic tendency ends in tears, when it prompts us to act contrary to what is, on reflection, our self-interest. (Witness stock-market crashes, stampedes and tamagotchi.)

Following the data release, short term market interest rates shot up almost 2%, while share prices on the Shanghai stock exchange fell 3%.

Williamson's work has centred on the way in which conflicts of interest are handled in different ways by hierarchical organisations, such as firms, compared with stock markets.