2 ms·

Humans are not logical animals. There's a lot of criticism on modelling human making logical decisions in economics. In some other fields humans are modelled as

Humans are not logical animals. There's a lot of criticism on modelling human making logical decisions in economics. In some other fields humans are modelled as fluids or herds, devoid of individual judgement/decision making. Some items will be restocked, some others may not due to supply chain disruption. Look online for DIY solutions or alternatives as there are plenty. In some cities Asian supermarkets might be a viable option since many Asians have stocked up like weeks ago and they avoid crowded places now.

akga 7y ago
> In some other fields humans are modelled as fluids or herds, devoid of individual judgement/decision making From a game theory perspective, following the herd in this case could be the rational choice on an individual level even if you have decision making. If enough people think there's a shortage coming, and they stock up in preparation for it, then you get an actual shortage as a result. In this scenario, there's very little potential downside to stocking up (at least for non-perishables) from your perspective, since even if you're wrong then you're just saving a few trips to the supermarket in the near future, and you might even get a discount if you buy in bulk (incl. saving gas, time, etc). But there is a potential downside to not stocking up, since you then risk not being able to later find the item when need it again, or having to pay more for it if you do find it. Going further, if you think that other people are going to start panic buying, then it makes sense for you to do so as well. But by doing so you also contribute to causing the shortage, leading to a self fulfilling prophesy. So I don't think it's necessarily that people aren't being logical, but more that they're acting based on limited information.

2 ms·

Humans are not logical animals. There's a lot of criticism on modelling human making logical decisions in economics. In some other fields humans are modelled as

by theseadroid 7y ago

akga 7y ago
> In some other fields humans are modelled as fluids or herds, devoid of individual judgement/decision making From a game theory perspective, following the herd in this case could be the rational choice on an individual level even if you have decision making. If enough people think there's a shortage coming, and they stock up in preparation for it, then you get an actual shortage as a result. In this scenario, there's very little potential downside to stocking up (at least for non-perishables) from your perspective, since even if you're wrong then you're just saving a few trips to the supermarket in the near future, and you might even get a discount if you buy in bulk (incl. saving gas, time, etc). But there is a potential downside to not stocking up, since you then risk not being able to later find the item when need it again, or having to pay more for it if you do find it. Going further, if you think that other people are going to start panic buying, then it makes sense for you to do so as well. But by doing so you also contribute to causing the shortage, leading to a self fulfilling prophesy. So I don't think it's necessarily that people aren't being logical, but more that they're acting based on limited information.