Latest / Behavioral Economics with Fexingo: Decision Making, Bias, and How People Really Spend
Social Proof Why We Follow the Crowd
In this episode of Behavioral Economics with Fexingo, Lucas and Luna explore the concept of social proof — how people copy the behavior of others in uncertain situations. They dive into the classic 1969 study by Stanley Milgram and Leonard Bickman, where a single person looking up at a building caused 80% of passersby to stop and stare. Then they shift to a modern business case: the 2015 story of the 'Impossible Burger' launch at a New York restaurant, where the company deliberately placed long lines outside to signal demand. Lucas explains why social proof is especially powerful…
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