Information Cascades and Their Impact on the 2008 Recession
This New York Times article talks about how information cascades in the housing market lead to the housing market crash in 2008 which led to the recession. The article brings up a paper by three economists, Sushil Bikhchandani, David Hirshleifer, and Ivo Welch, who set up a scenario where each person has incomplete and noisy […]
Do Secretaries Rule the School? The Reality of Social Power in a Workplace Network
https://www.emerald.com/insight/content/doi/10.1108/00483481211229393/full/html This article is a study about power in workplace networks. In a typical workplace hierarchy, employees working in clerical positions are seen as having little power compared to the managers and professionals they work with. However, “lower” participants such as secretaries are responsible for the varying demands of many other employees, which actually […]
Behavioral Economics a Key Plot Element in Netflix’s Squid Game [SPOILERS]
https://www.news9live.com/art-culture/netflix-squid-game-korean-behavioural-economics-psychology-characters-decisions-125504 https://screenrant.com/squid-game-cast-character-guide-actors/ Squid Game, an immensely popular Netflix original released this fall, demonstrates behavioral economics concepts at play. A student wrote a few posts below about information cascades seen as the show’s virality grew. I am also writing about the show, but about a different aspect. Interestingly enough, a large part of the […]
Filter Bubbles and Information Cascades
Within an filter bubble on social media, the harmful effects of an information cascade can be even stronger. While customization features on social media and search engines can be quite helpful by providing efficient access to the most relevant information for a user, they can also be extremely damaging to the fabric of a democracy. […]
Information Cascades and Decisions to Migrate
Herd behaviors are very commonly seen in emigrations, and information cascades can be used to explain the regularity that emigrants from the same locations have the tendency to choose the same foreign locations. This is commonly understood since emigrants assume that others have been making decisions based on better information than what they have. Seeing […]
The Controversy Surrounding LinkedIn Connections
LinkedIn is a social media platform that fosters professional networking and career development through features that allow individuals to connect, share their resumes and/or other related experiences, and access employment opportunities from recruiting job boards. The way LinkedIn recommends and connects certain individuals of similar backgrounds is through an algorithm that supports the triadic closure […]
Eusociality in Insects
Eusociality is a “widespread phenomenon in the animal kingdom… one of the most complex examples of social organization” (Lengronne et al., p.1). Social groups are typically families where “non-reproductive members (workers) gain indirect fitness by helping reproductive members (queens)” (Lengronne et al., p.1). Lengronne et al. found that “in some cases, workers […]
Herding Effect and Information Cascade: What Can We Learn from Bees
Link: https://theconversation.com/what-smart-bees-can-teach-humans-about-collective-intelligence-110656 The article “What Smart Bees Can Teach Humans about Collective Intelligence” discussed people’s tendency to follow the crowd—herding effect and conformity to the majority. The behavior of following the crowd without thinking independently could both lead to “collective wisdom” but also possibly to the wide-spread of negative consequences (“maladaptive herding”), such as some […]
Squid Game huge popularity and information cascades
PAPOE RADU MIHAI Since its release few months ago “Squid Game” became almost immediately one of the most popular TV shows in this era. Most of the followers are teenagers or young adults. One of the main reasons that I think this TV show is so popular is because it includes games that […]
Use of Baye’s Rule in Genetic Counseling
Baye’s rule is commonly used by genetic consultants to determine the likelihood of a couple giving birth to a child with a genetic disease. Typically, the genes of the parents are unknown and the probability must be based on the symptoms experienced by members of the family tree. Therefore, Baye’s rule is used to determine […]
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