The hypothesis that paranormal (poltergeist) experiences are delusions resulting from the affective and cognitive dynamics of percipients' interpretation of ambiguous stimuli was tested in two studies using a structural modeling approach. Consistent with attribution theory, study I indicated that such delusions are best modeled by a closed negative-feedback loop involving belief, experience, and fear as process variables. Using a more homogeneous sample of percipients, study II replicated this model and the relations among the process variables reached statistical significance. The findings extend established attributional models of delusions by incorporating psychosocial and cognitive factors, including age, gender, and tolerance of ambiguity. The model is proposed as a general framework for the understanding and study of delusions and contagious psychogenic illness, in particular.