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:
“There are many examples of women that have excelled in learning, and even in war, but this is no reason we should bring ‘em all up to Latin and Greek or else military discipline, instead of needle-work and housewifry.”
—Bernard Mandeville (1670–1733)
“Nature will not let us fret and fume. She does not like our benevolence or our learning much better than she likes our frauds and wars. When we come out of the caucus, or the bank, or the abolition-convention, or the temperance-meeting, or the transcendental club, into the fields and woods, she says to us, “so hot? my little Sir.””
—Ralph Waldo Emerson (1803–1882)
“If you would be a favourite of your king, address yourself to his weaknesses. An application to his reason will seldom prove very successful.”
—Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)