Ivo Welch, David Hirshleifer, and Sushil Bikhchandani described this phenomenon in terms of "informational cascades.
Ivo Welch, David Hirshleifer, and Sushil Bikhchandani described this phenomenon in terms of "informational cascades." Pack journalism, in particular during the 1972 presidential election, is a special case of this phenomenon. This term, coined by William Whyte, is associated with eight symptoms, including mind guards, rationalization, and self-censorship. This phenomenon was avoided during the Cuban Missile Crisis but had a strong influence on the failed Bay of Pigs invasion, according to Irving Janis's work on the subject. For 10 points, name this phenomenon wherein alternative courses of action are ignored in favor of promoting cohesion and uniformity.
Ivo Welch, David Hirshleifer, and Sushil Bikhchandani described this phenomenon in terms of "informational cascades.
{groupthink}