The bandwagon effect is a concept that describes a situation when prices fall, some people’s demand increases, and then others “imitate” their response and increase their demand.
The bandwagon effect is a concept that describes a situation when prices fall, some people’s demand increases, and then others “imitate” their response and increase their demand. If this effect exists, the market demand curve is not just the sum of individual demand curves, but translates further into greater-than-expected demand when people are “swept away” by other people’s purchases.
(References: Nguyen Van Ngoc, Economic Dictionary, National Economics University)
The train effect is a psychological phenomenon in which people do something primarily because others are doing it, even though the action goes against their beliefs.
Watching: What is a Bandwagon
The train effect has broad implications and can be applied to many areas, but is often seen in politics and consumer behavior.
See also: What is Dms – Software
The train effect can also be seen in bull markets and bubble times.
See also: What is combinatorial variation, State the concept of combinatorial variation
Keywords: what is the train effect, what is the train effect, what is the bandwagon effect, bandwagon effect,
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