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)
“Smart lad, to slip betimes away
From fields where glory does not stay,
And early though the laurel grows
It withers quicker than the rose.”
—A.E. (Alfred Edward)
“Preaching is the expression of the moral sentiment in application to the duties of life.”
—Ralph Waldo Emerson (1803–1882)