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Information Cascades and Social Networks

An information cascade occurs when a person makes a decision or engages in an act after observing the actions of others, with the usual case being that observation of other people influences the outcome of the decision. With the rise of the internet, we have become more exposed to information cascades, due to the influence of the vast amount of easily accessible information available on the World Wide Web. However, social networks have proven to be the most influential source of information on the web.

Social networks have become a powerful tool when it comes to influencing peoples decisions in social or political matters. A very extreme example of this is the unexpected and violent protests that occurred in Ukraine. Facebook served as a major player in the planning of the protests with according to the Washington post article. 40% of the participants claimed that they joined the protests, or were at least aware of the protests because of Facebook. Using Facebook, protest planners were able to effectively influence peoples decisions in what can be regarded as one of the most influential information cascades in recent history.

 

Source 1: http://www.washingtonpost.com/blogs/monkey-cage/wp/2014/01/02/social-networks-and-social-media-in-ukrainian-euromaidan-protests-2/

Source 2: http://www2.uncp.edu/home/acurtis/NewMedia/SocialMedia/SocialMediaHistory.html

Source 3: https://www.spencerstuart.com/research-and-insight/the-rise-of-social-media-is-your-organization-ready-for-the-new-transparency

 

 

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