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:
“Histories are more full of examples of the fidelity of dogs than of friends.”
—Alexander Pope (1688–1744)
“... my one aim and concentrated purpose shall be and is to show that women can learn, can reason, can compete with men in the grand fields of literature and science ... that a woman can be a woman and a true one without having all her time engrossed by dress and society.”
—M. Carey Thomas (1857–1935)
“We will not be imposed upon by this vast application of forces. We believe that most things will have to be accomplished still by the application called Industry. We are rather pleased, after all, to consider the small private, but both constant and accumulated, force which stands behind every spade in the field. This it is that makes the valleys shine, and the deserts really bloom.”
—Henry David Thoreau (1817–1862)