Reflexivity
Plain definition. Reflexivity is a two-way loop in which what people believe about something changes that thing, and the changed thing then changes what people believe.
Technical definition. Belief moves the price, the price moves the underlying facts, and the changed facts move belief again. That middle step, from price to facts, is the entire content of the idea; belief merely moving a price is ordinary feedback, so the loop needs a named “channel” stated specifically enough that somebody could check it. George Soros used the word in exactly this sense for financial markets in The Alchemy of Finance in 1987.
On this site
On this site, Reflexivity comes up in Could XRP lending create a self-reinforcing feedback loop?.
Source
Reflexivity: When Belief Changes the Fundamentals — Behavioural Finance & Investor Decision-Making | Fin Maverick Le (finmaverick.com), read October 1, 2026.