People need not value everyone in the reference network equally. There could be hierarchies within the reference networks.
When the preferences of others are stacked against one’s preferences:
While it’s true that the the marginal cost of bandwagoning/blocking/hating on social media is low, there are reputational costs involved.
When reputational costs are significant, people engage in preference falsification. When the reputational costs are not significant, people bandwagon/block/hate the ‘others’.
E.g., when the PM decided to roll back the farm laws, it wasn’t easy for his supporters to bandwagon/block/hate him. They engaged in preference falsification.
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Is it right to say that comparative association involves a set of individuals indulging in interdependent behaviour where expectations are empirical. Whereas the likes/dislikes driving the preferential association have an element of normative expectation?
Thought this could serve as another example of the crimes that happen when we kill the pricing principle. It charts how USSR stayed in the whaling industry when most others left due to the industry being unprofitable.
People need not value everyone in the reference network equally. There could be hierarchies within the reference networks.
When the preferences of others are stacked against one’s preferences:
While it’s true that the the marginal cost of bandwagoning/blocking/hating on social media is low, there are reputational costs involved.
When reputational costs are significant, people engage in preference falsification. When the reputational costs are not significant, people bandwagon/block/hate the ‘others’.
E.g., when the PM decided to roll back the farm laws, it wasn’t easy for his supporters to bandwagon/block/hate him. They engaged in preference falsification.
——
Is it right to say that comparative association involves a set of individuals indulging in interdependent behaviour where expectations are empirical. Whereas the likes/dislikes driving the preferential association have an element of normative expectation?
Thought this could serve as another example of the crimes that happen when we kill the pricing principle. It charts how USSR stayed in the whaling industry when most others left due to the industry being unprofitable.
https://slate.com/news-and-politics/2022/06/history-of-soviet-whaling-greenpeace-twentieth-century.html