The same is true of “herd instinct”, namely the tendency to conform behaviour to the norm, or to the presumed better informed, for fear of being left behind and in the hope of limiting blame in the event of failure. And perceptions of official “safety nets” can play a similar role.
In different ways and to varying degrees, all of these forms of behaviour share a common characteristic: they may seem reasonable, even compelling, when considered in isolation, but they can result in undesirable outcomes once the system-wide impact of collective action is taken into account. III.