That's what happen when a group of people go in the bar an most of them are unsure about the drink to get. Most of the time everyonemtake the same drink based on the first one to choose. At least I guess so!!!! Aldo
Welcome to my Taro's Econ Blog and thank you very much for coming here.
Nice example, thank you.
In many aspects in our life, there seems to be a kind of information cascade. Because people don't have correct information about what the bar offers, so they look around and make a decision about what they are going to drink.
Recently, I am interested in such behavior and the related research named "rational herds".
Why do people follow the followers? That's the question.
2 comments:
That's what happen when a group of people go in the bar an most of them are unsure about the drink to get. Most of the time everyonemtake the same drink based on the first one to choose.
At least I guess so!!!!
Aldo
Aldo-san,
Welcome to my Taro's Econ Blog and thank you very much for coming here.
Nice example, thank you.
In many aspects in our life, there seems to be a kind of information cascade. Because people don't have correct information about what the bar offers, so they look around and make a decision about what they are going to drink.
Recently, I am interested in such behavior and the related research named "rational herds".
Why do people follow the followers? That's the question.
Anyway, I try to post my idea if I sum it up.
Don't miss it!!
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