There is something to be said for the wisdom of crowds. Information cascades are a thing, but the reason they happen is that it’s rational for each individual to go along with the crowd, and you’re not going to form a new equilibrium by yourself.
Following the crowd is often rational, but not so often that you can just state it universally. Sometimes the crowd is simply wrong, and you’re better off buying a bike. People, they crazy.
There is something to be said for the wisdom of crowds. Information cascades are a thing, but the reason they happen is that it’s rational for each individual to go along with the crowd, and you’re not going to form a new equilibrium by yourself.
Following the crowd is often rational, but not so often that you can just state it universally. Sometimes the crowd is simply wrong, and you’re better off buying a bike. People, they crazy.