Examples and Fields of Application
Information cascades occur in situations where seeing many people make the same choice provides evidence that outweighs one's own judgment. That is, one thinks: "It's more likely that I'm wrong than that all those other people are wrong. Therefore, I will do as they do."
In what has been termed a "reputational cascade", late responders sometimes go along with the decisions of early responders, not just because the late responders think the early responders are right, but also because they perceive their reputation will be damaged if they dissent from the early responders.
Read more about this topic: Information Cascade
Famous quotes containing the words examples, fields and/or application:
“No rules exist, and examples are simply life-savers answering the appeals of rules making vain attempts to exist.”
—André Breton (1896–1966)
“The greatest delight which the fields and woods minister, is the suggestion of an occult relation between man and the vegetable. I am not alone and unacknowledged. They nod to me, and I to them.”
—Ralph Waldo Emerson (1803–1882)
“The main object of a revolution is the liberation of man ... not the interpretation and application of some transcendental ideology.”
—Jean Genet (1910–1986)