Band Wagon Effect
(reading time – 40 sec.)
Band Wagon Effect is a cognitive bias which explains the impulse to choose certain option or follow particular behaviour, because other people are doing it. This leads to a dangerous cycle, as more people continue to follow a trend makes it more likely that other people hop on the band wagon.
For example, people might buy a new electronic item because of its popularity, regardless of whether they need it, can afford it or even really want it.
Topic: #CognitiveBiases
Source: investopedia.com