Why did so many people suddenly start stockpiling toilet paper? There's actually a good psychological reason.
epidemic, supermarkets across the U.S., U.K., and Australia are selling out of toilet paper. Worse, videos have gone viral showing people fighting and becoming violent over toilet paper..."Let’s get one thing straight: the toilet paper crisis is stupid. Why, of all things, are people stockpiling toilet paper during an epidemic that affects respiratory systems and not gastrointestinal plumbing ...
The primary culprit is a cultural phenomenon that economists, psychologists, and political scientists have called the bandwagon effect. As I wrote in a, the bandwagon effect is a phenomenon in which the rate at which the spread of ideas, behaviour, and trends rises with the rate of others adopting the trend.
A large part of the blame goes to the media. I am willing to bet that if no articles on toilet paper had been published, there would be no"toilet paper crisis" now. Yet once people got the impression that the next time they need toilet paper there won't be any to find, everyone rushed to supermarkets to buy some.
It is thus a phenomenon that is easily explained by economics, or more precisely, game theory. This might seem like a"collective irrationality," yet it makes sense that every individual would start to buy toilet paper if they are afraid that everyone else will start to hoard it. News reports and articles that appeal to reason are probably not going to work. The only information they send is one of crisis, thus leading to even more hysteria surrounding toilet paper. With every additional report, the investment into toilet paper seems only more rational.
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