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When a group of people starring at the sky, without thinking you peer upward too,
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When a person starts clapping in a concert, everyone joins too.
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Another rough term for it is “Herd Instinct” - means individuals feel they are behaving correctly when they act the same as other people.
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It is absurd.
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It is the evil behind the bubble and the stock market panic and exists everywhere.
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Why we act like this?
- In the past, following others was a survival strategy.
- If everyone bolted, you have to do as they may seen a lion or something.
- If you acted differently, you might not in the gene pool.
- We are the direct heirs of those who copied the others’ behavior
- Today its deeply rooted though it don’t have any survival advantage.
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Some use cases where social proof is valuable:
- As a hungry Foreigner, you can follow the local’s behaviour to find the good restaurant.
- Advertising industry - deciding among cars with no obvious advantages and disadvantages.
So be warned whenever a company claims its product is better because it is “the most popular”. How is a product better simply because it sell the most units?