Yep, this is known as a positional arms race. For other examples, see how everyone now goes to college: when 25% of applicants do it, it's a competitive advant

Yep, this is known as a positional arms race. For other examples, see how everyone now goes to college: when 25% of applicants do it, it's a competitive advantage for them, so everyone else moves towards doing it. https://www.econstor.eu/bitstream/10419/23501/1/DP-54.pdf https://www.econstor.eu/bitstream/10419/23501/1/DP-54.pdf