What is Bandwagon Effect? [Definition and Example] - Understanding Cognitive Biases
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Timestamps
Intro - 00:00
Definition - 00:02
Example - 00:15
Outro - 00:42
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What is Bandwagon effect?
Definition:
The tendency to do/believe things because many other people do/believe the same. Related to groupthink and herd behavior.
Example:
In a study, independents, which are those who do not vote based on the endorsement of any party and are ultimately neutral, were influenced strongly in favor of the person expected to win.
Investors were eager to invest in hyped and modern internet companies in the 90’s. But as these companies didn’t have a sustainable business model it created the Dot-com bubble that burst in 2000.
More on mycognitivebiases.com
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What are Cognitive Biases?
A cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them and affects the decisions and judgments that they make.
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