How Do Cascades Influence Decision Making in Social Networks
We have learned in class that cascades influence people’s decisions very deeply. In reality, people tend to follow the crowds. When a few people start to make the same decisions, their friends are likely to make the same decisions. When a new technology appears, if most of a person’s friends start to adopt this new technology, this person is also likely to adopt the new technology. This is how sometimes information, new technology, rumors or gossips can spreads out easily. In other areas of studies, cascades play an important role of influencing people’s decisions as well.
How people behave in social networks are highly dependent on each other’s decisions. For example, when a company tries to sell a new product, advertising in social networks is a smart strategy. As long as a few people start to notice the advertisement, this information can be spread to more and more people. The question that the company needs to think about is how to complete the full cascade or simply how to let more people learn about their product. Timing of the products’ introduction is also important. Different products are better to be introduced in different times, different geographic areas and different markets. The company needs to know the targets of the products. If the target is for students, then they have to start the cascade from students. If the product is made for winter, then they should introduce their product right before winter. Therefore, the strategy regarding to where and when to start the cascade is strongly related to the success of the cascade.
Reference: http://phys.org/news/2014-12-decision-cascades-social-networks.html