Herd Behavior Powerpoint
Transcript: How Did Herd Behavior Influence Panic Buying During The COVID-19 Pandemic? Panic buying was a huge problem during the ongoing COVID-19 pandemic. But how did Herd Behavior affect it? By: Owen Hand What is Herd Behavior? What is Herd Behavior? Herd Behavior is a term that has been used throughout history to define a certain behavior in many types of species. This behavior is seen as when people or animals follow or act as a group without really thinking. This can be seen as people following others in a dangerous situation, or people following the latest fashion trends in fear of missing out. Other Info about Herd Behavior According to the article "Herd Behavior" by Commonlit Staff, many historians believe that Hitler used herd behavior by planting undercover officers in his crowds so more people could support him. Another fact from the same article, Football fans also show examples of herd behavior, many fans perform actions to "support their team" or to intimidate the rival team, this ends up in people getting badly injured, and in some cases, killed. Other Information The Pandemic and Panic Buying The Pandemic and Panic Buying The COVID-19 pandemic began in late 2019 when scientists began discovering a new virus, the Coronavirus. Soon, by 2020, much of the world was in lock-down in fear of contracting this virus, which could be fatal in many cases. This global lock-down caused a lot of people to panic. In which people began "Panic Buying." What is Panic Buying? What is "Panic Buying?" Panic buying is known as the act of buying a lot of items out of panic. This can be seen when a hurricane begins to move towards a city. Many people begin buying out of panic that they won't have enough to survive throughout the disaster. As a result of this, many stores get sold out. This is what brings us to the panic buying during the pandemic. Starting in March of 2020, many people began selling out stores out of panic that they wouldn't be able to get what they needed if stores closed due to the pandemic, and so thousands of people went into stores buying everything they could, such as meat, food, and most of all, toilet paper, which became notorious for being sold out at this time. Pictures Pictures The Effects of Panic Buying Many things happened as a result to panic buying. Some good, most bad. The Effects of Panic Buying Pros Pros Due to Panic Buying, many people got what they needed to last them a couple months through the pandemic, which continues today. Also, many stores made a lot of money through panic buying, Walmart, Target, and pretty much and grocery store was sold out. Cons It wasn't long before the effects of panic buying set in. Many stores went out of business or went into debt due to needing so much items in so little time. And, due to most stores being closed or sold out, nobody could get what they needed which ended up to be disastrous for a lot of people. Cons How did Herd Behavior affect Panic Buying during the pandemic? How Herd Behavior affected the situation I believe that herd behavior affected panic buying during the pandemic by pretty much causing the whole thing to happen. This is evident due to the fact that many articles that I've researched state that it was that herd behavior was the leading cause of panic buying during the pandemic. One article titled "How COVID-19 Triggers Our Herding Behavior? " by frontiersin.org states, "This study demonstrated that the indirect effect of risk perception on herd bias via state anxiety was 0.1709, with a 95% confidence interval that did not contain zero..." This evidence shows how herd behavior effected panic buying during the pandemic by showing how many articles state that herd behavior caused it, and the evidence from the article by frontiersin.org shows that herd behavior was a high risk that led to panic buying. I can also tell that herd behavior led to panic buying because I remember when my mom would rush to the store and hoard anything she could due to other people doing the same. Final Statement The Pandemic has led to a lot of things ever since it kicked off around March of 2020. Panic buying was one of them, and the repercussions of it echoed throughout the year. But, it just goes to show how human instinct can lead to good and bad things, and in the case of panic buying, it's on the bad list. Final Statement Sources Sources https://www.frontiersin.org/articles/10.3389/fpubh.2021.587439/full https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8003931/ https://www.bbc.com/worklife/article/20200304-coronavirus-covid-19-update-why-people-are-stockpiling https://blogs.worldbank.org/health/covid-19-coronavirus-panic-buying-and-its-impact-global-health-supply-chains https://dictionary.cambridge.org/us/dictionary/english/panic-buying
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