Communal Reinforcement & Groupthink

social
conformity

Communal Reinforcement refers to mutual reinforcement through exchange of information (social learning) and it often goes along with confirmation bias. Groupthink, on the other hand, is defined as the tendency of cohesive groups to reach consensus without offering, seeking or considering alternative hypotheses.

NoteExample

NFT Art

Buying NFT art because its a trend, without investigating its fundamental value.

“I just bought a jpeg for 50.000€.”

Also relates to: Social Contagion · Confirmation Bias · Information Cascades · Availability Cascades · Obedience to Authority