Information Cascade and Black Friday
http://money.cnn.com/2017/11/27/news/companies/black-friday-gun-sales/index.html
Information cascade occurs when one makes a decision based on other’s decisions. It usually occurs because people think that other people either know more information about things or that they want to imitate what others are doing. I was in Boston during thanksgiving with a few friends and decided to go Black Friday shopping because my friends all raved about how great Newberry street deals were going to be. I decided to base my decision on what they said as I have never been black Friday shopping before. Just seeing all the crazy videos online was enough to make me uninterested.
It is surprising how this Black Friday was a big day for gun sales. With the slump that came after the presidential election, this came as a good surprise for many stores. However, the increase in gun sales might also be caused by information cascade as many stores are offering promptins and discounts, people would talk about it before black Friday and if one person shows interest in the group then more and more people would show interest and they would all end up contributing to the sky rocketing gun sales.