Following the Crowd
While humans are highly individual creatures, following the crowd is something that is innate to human nature. This phenomenon can occur on small scales, such as deciding to go along with something you normally wouldn’t, simply because you notice that your friends are doing so. It can also occur on larger scales, such as letting […]
How Information Cascades Factor Into the Stock Market
https://www.investopedia.com/articles/investing/052715/guide-understanding-information-cascades.asp As someone interested in trading stocks for close to a decade, I can confidently say there is no proven formula for success. Sure, some people have developed algorithms and conceptualized patterns the best they can possibly be understood which has to lead to consistent success, but even then there is potential for failure. It’s […]
Information Cascades in Twitter Buzzer Accounts
https://ieeexplore.ieee.org/abstract/document/7062665 The concept of information cascades that we covered in class is extremely relevant to our everyday lives because we interact with many different networks that influence our behavior. Social networks in particular are of use to people professionally and personally. Twitter, for example, is widely used to share information and ideas through tweets, mentions, […]
Are weak ties only about information and opportunity?
In a 2016 study “The Relationship Between Group Identification and Satisfaction with Life in a Cross-Cultural Community Sample”, it shows that people who were members of groups like sports teams or religious communities enjoyed a greater sense of meaning and security, regardless of nationality or age, according to a study for which psychologists recruited respondents […]
The Secret behind “Hot Sale” – Information Cascade and Online Shopping Trends
Source: https://dl.acm.org/doi/abs/10.1145/3482632.3487492 https://ieeexplore.ieee.org/abstract/document/8451903 Information cascades tend to occur when people make decisions based on the popular trend of choices or adopt how others approach certain issues, and the decisions are in order. Nowadays, internet connects people closer to each other, providing a more significant potential for information cascade, which influences trends such as online […]
Wisdom of crowds: Detection of COVID-19 severity one month ahead
In Chapter 22, the concept of “wisdom of the crowd” is discussed. It refers to an interesting scenario that the aggregate behavior of a large number of people, each with partial information, can generate accurate thinking. It is closely connected to problem-solving and decision-making in real life, in activities such as creating Wikipedia, economic forecasting, […]
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