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The bandwagon effect is a psychological phenomenon where people adopt certain behaviors, styles, or attitudes simply because others are doing so. More specifically, it is a cognitive bias by which public opinion or behaviours can alter due to particular actions and beliefs rallying amongst the public. It is a psychological phenomenon whereby the rate of uptake of beliefs, ideas, fads and trends increases with respect to the proportion of others who have already done so. As more people come to believe in something, others also "hop on the bandwagon", regardless of the underlying evidence.
Following others' actions or beliefs can occur because of conformism or deriving information from others. Much of the influence of the bandwagon effect comes from the desire to 'fit in' with peers; making similar selections as other people is seen as a way to gain access to a particular social group. An example of this is fashion trends wherein the increasing popularity of a certain garment or style encourages more acceptance. When individuals make rationality choices based on the information they receive from others, economists have proposed that information cascades can quickly form in which people ignore their personal information signals and follow the behaviour of others. Cascades explain why behaviour is fragile as people understand that their behaviour is based on a very limited amount of information. As a result, fads form easily but are also easily dislodged. The phenomenon is observed in various fields, such as economics, political science, medicine, and psychology. In social psychology, people's tendency to align their beliefs and behaviors with a group is known as 'herd mentality' or 'groupthink'. The reverse bandwagon effect (also known as the snob effect in certain contexts) is a cognitive bias that causes people to avoid doing something, because they believe that other people are doing it.
The phrase "jump on the bandwagon" first appeared in American politics in 1848 during the presidential campaign of Zachary Taylor. Dan Rice, a famous and popular circus clown of the time, invited Taylor to join his circus bandwagon. As Taylor gained more recognition and his campaign became more successful, people began saying that Taylor's political opponents ought to "jump on the bandwagon" themselves if they wanted to be associated with such success.
Later, during the time of William Jennings Bryan's 1900 presidential campaign, bandwagons had become standard in campaigns, and the phrase "jump on the bandwagon" was used as a derogatory term, implying that people were associating themselves with success without considering that with which they associated themselves.
Despite its emergence in the late 19th century, it was only rather recently that the theoretical background of bandwagon effects has been understood. One of the best-known experiments on the topic is the 1950s' Asch conformity experiment, which illustrates the individual variation in the bandwagon effect.Solomon Asch. 1951 1983. "Effects of Group Pressure upon the Modification and Distortion of Judgments." Pp. 260–70 in Organizational Influence Processes, edited by R. W. Allen and L. W. Porter. Glenview, IL: Scott, Foresman, and Company. Academic study of the bandwagon effect especially gained interest in the 1980s, as scholars studied the effect of public opinion polls on voter opinions.
Some individual reasons behind the bandwagon effect include:
In politics, bandwagon effects can also come as result of indirect processes that are mediated by political actors. Perceptions of popular support may affect the choice of activists about which parties or candidates to support by donations or voluntary work in campaigns.
A new concept that is originally promoted by only a single advocate or a minimal group of advocates can quickly grow and become widely popular, even when sufficient supporting evidence is lacking. What happens is that a new concept gains a small following, which grows until it reaches a critical mass, until for example it begins being covered by mainstream media, at which point a large-scale bandwagon effect begins, which causes more people to support this concept, in increasingly large numbers. This can be seen as a result of the availability cascade, a self-reinforcing process through which a certain belief gains increasing prominence in public discourse.
The bandwagon effect has been applied to situations involving majority opinion, such as political outcomes, where people alter their opinions to the majority view. Such a shift in opinion can occur because individuals from the decisions of others, as in an informational cascade.
Perceptions of popular support may affect the choice of activists about which parties or candidates to support by donations or voluntary work in campaigns. They may strategically funnel these resources to contenders perceived as well supported and thus electorally viable, thereby enabling them to run more powerful, and thus more influential campaigns.
First, through : these bubbles often happen in financial markets in which the price for a particularly popular security keeps on rising. This occurs when many line up to buy a security bidding up the price, which in return attracts more investors. The price can rise beyond a certain point, causing the security to be highly Overvaluation.
Second is liquidity holes: when unexpected news or events occur, market participants will typically stop trading activity until the situation becomes clear. This reduces the number of buyers and sellers in the market, causing liquidity to decrease significantly. The lack of liquidity leaves price discovery distorted and causes massive shifts in Asset pricing, which can lead to increased panic, which further increases uncertainty, and the cycle continues.
Medical bandwagons have led to inappropriate therapies for numerous patients, and have impeded the development of more appropriate treatment.
One paper from 1979 on the topic of bandwagons of medicine describes how a new medical concept or treatment can gain momentum and become mainstream, as a result of a large-scale bandwagon effect:
This research used bandwagon effects to examine the comparative impact of two separate bandwagon heuristic indicators (quantitative vs. qualitative) on changes in news readers' attitudes in an online comments section. Furthermore, Study 1 demonstrated that qualitative signals had a higher influence on news readers' judgments than quantitative clues. Additionally, Study 2 confirmed the results of Study 1 and showed that people's attitudes are influenced by apparent public opinion, offering concrete proof of the influence that digital bandwagons.
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