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- Title
A review of panic buying: the mediation of illusory truth effect and persistence due to herd mentality and confirmation bias.
- Authors
Susie Woo; Khan, Muhammad Samir; Vaz, David; Bhavsar, Daivat; Mardon, Austin
- Abstract
In the early stages of the COVID-19 pandemic, the public has been experiencing severe stress and feelings of anxiety. Social media in particular has been shown in the literature to be a major contributing medium for the widespread distribution of misinformation concerning COVID-19. The rapid dissemination of fake news concerning supply shortages of certain essential items has increased pandemic-related behaviours such as panic buying. Factors that have led to panic buying include: perceived threat of an event, perceived product scarcity, fear of the unknown, and coping methods to gain control. Although these factors are prevalent reasons that induce panic buying behaviours, they do not explain the mechanisms of perception formation. It is possible that heuristics (i.e. availability, and affect), which are reinforced by social media posts, aid in the development of the illusory truth effect. This psychological phenomenon may be the root cause of the public's false perceptions of pandemic-related events. This paper reviews the impact of the illusory truth effect as a mediator in processing misinformation from social media and the news as truths that inevitably encourages panic buying behaviour. Furthermore, this paper examines the persistence of the illusory truth effect due to herd mentality and confirmation bias in the perpetual cycle of irrational decision making. In conclusion, the illusory truth effect has been demonstrated to be a key cognitive bias that strengthens with repetitive exposure to adverse sentiments related to COVID-19, and is likely to be maintained through herd mentality and confirmation bias in social situations. Although more research must be conducted to solidify this theory, the current review aims to serve as a basis for further research on the illusory truth effect and potentiate solutions in the prevention of adherence to this effect.
- Subjects
THOUGHT &; thinking; SOCIAL media; CONSUMER attitudes; PANIC disorders; FEAR; SHOPPING; PERCEPTUAL illusions; DECISION making; ANXIETY; MISINFORMATION; DECEPTION; COVID-19 pandemic; PSYCHOLOGICAL stress
- Publication
University of Toronto Medical Journal, 2022, Vol 99, Issue 3, p61
- ISSN
0833-2207
- Publication type
Article