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:
“In the examples that I here bring in of what I have [read], heard, done or said, I have refrained from daring to alter even the smallest and most indifferent circumstances. My conscience falsifies not an iota; for my knowledge I cannot answer.”
—Michel de Montaigne (1533–1592)
“If my friends could see me now!”
—Dorothy Fields (1904–1974)
“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)