How Online Reviews Create Information Cascades
https://www.dixa.com/blog/3-important-statistics-that-show-how-reviews-influence-consumers/ In class we were introduced to information cascades by examining the case where someone is deciding between two restaurants. While this example is great to understand how people can be influenced by what’s most common, this example also has a limitation. When someone is deciding between the restaurants, they only have a reference to […]
Google’s PageRank System and its Relation to SEO
PageRank is a system originally developed in 1996 by Larry Page, a co-founder of Google, and released to the public to show how Google as a search engine rank web pages and differentiate between them. The PageRank toolbar also publicly assigns a rank to each webpage on a scale of 0 to 10, with 10 […]
Information Cascades in the Itaewon Halloween Disaster
This Saturday, a Halloween celebration in Korea turned into a tragic disaster with at least 150 people losing their lives. It occurred in one of the most trendy neighborhoods, Itaewon, and it was the first Halloween celebration in Seoul since the start of the pandemic. However, as massive crowds of people began to fill into […]
Game Theory’s Application to Poker
https://www.wsj.com/articles/how-game-theory-changed-poker-11642087507 I decided to review Oliver Roeder’s Wall Street Journal article titled “How Game Theory Changed Poker.” In the article, game theory was utilized by computer algorithms to create poker strategies. Specifically, the dynamics inherent to a mixed strategy equilibrium were seen in a practical situation. In this situation, many programmers are hired to […]
A Randomized Field Experiment to Explore the Impact of Herding Cues as Catalysts for Adoption
https://discovery.ebsco.com/c/u2yil2/viewer/pdf/vfr5b2x2on?proxyApplied=true This experiment analyzes the effects of herding cues and herding behavior on the adoption of various concepts such as the adoption of technology. As defined by the article, a herding cue “is a lean information signal that an individual receives about the aggregate number of others who have engaged in a behavior.” Herding […]
Political Polarization: the Result of Information Cascades?
When we have examined information cascades, it has generally been in the context of hypothetical bets involving urns or arbitrary “good” and “bad” states of the world. The concept, however, can also be applied more specifically to the recent phenomenon of political polarization. While it is commonly argued that political polarization occurs as a result […]
Click-Through Rates for Facebook
From our understanding, click-through rates are defined as the likelihood of people visiting a link through a related hyperlink. There are many real-world applications of this rate, and advertisers and social media companies spend extra time analyzing statistics related to these rates in effort to increase viewership. Meta utilizes a machine learning algorithm with CTRs […]
Information Cascade through Campus Ambassadors
At college, red solo cups and coffee have a prominent presence, used by an abundance of college students. It’s become essential items in the college experience as we participate in large gatherings and spend our late nights at the library. Knowing this, companies selling disposable cups and flavorful coffee aim their marketing strategy towards college […]
What are the applications of Bayes Theorem on Columbia University Demographics vs Cornell University Demographics?
Bayes theorem is defined as a theorem that describes how the conditional probability of each of a set of possible causes for a given observed outcome can be computed using knowledge of the probability of each cause and the conditional probability of the outcome of each cause. This is represented by the equation, P(A|B)=(P(B|A)*P(A))/(P(B)) Where: […]
Information Cascades and the Outcomes of Peer Pressure
Every day, people’s decisions are often influenced by others especially when they are indecisive. Humans tend to be easily influenced in the decisions they make and behaviors based on the majority of a friend group or popularity within a network, and it isn’t necessarily the most beneficial for the individual. Because we are not one […]
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