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:
“It is hardly to be believed how spiritual reflections when mixed with a little physics can hold people’s attention and give them a livelier idea of God than do the often ill-applied examples of his wrath.”
—G.C. (Georg Christoph)
“Or seen the furrows shine but late upturned,
And where the fieldfare followed in the rear,
When all the fields around lay bound and hoar
Beneath a thick integument of snow.
So by God’s cheap economy made rich
To go upon my winter’s task again.”
—Henry David Thoreau (1817–1862)
“May my application so close
To so endless a repetition
Not make me tired and morose
And resentful of man’s condition.”
—Robert Frost (1874–1963)