A Study of Economic Panic: The "Run" on the Hindmarsh Building Society

Mann, Leon; Nagel, Trevor W.; Dowling, Peter

doi:10.2307/2786515

Cited by 8 publications

(4 citation statements)

References 5 publications

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“…Many did try to leave the crush, giving up their valued locations nearer the entrance. Mann et al (1976) reached a similar conclusion in their study of the bank run.…”

Section: ᨪ Conclusionsupporting

confidence: 52%

Panic at "The Who Concert Stampede": An Empirical Assessment

Johnson

1987

Social Problems

143

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In life-threatening situations, such as a fire in a movie theater, we might expect people to put their own safety first and behave in ways that might unintentionally harm others. Media accounts of the injuries and deaths that occurred at a 1979 rock concert were consistent with this common-sense explanation. However, as Norris Johnson' s research revealed, concert goers did not "stampede" as the media contended. Instead, they actually tried to help one another. This article explores some of the forces behind unexpected human behavior. O n December 3, 1979, eleven young people were killed in a crush entering Riverfront Coliseum in Cincinnati, Ohio, for a concert by the British rock group, The Who. The incident was immediately labeled as a "stampede" by the local media, and commentators were quick to condemn the "mob psychology" which precipitated the seemingly selfish, ruthless behavior of participants. Crowd members were thought to have stormed over others in their rush for good seats within the arena, leading a national columnist (Royko, 1979) to refer to the crowd of young people as barbarians who "stomped 11 persons to death [after] having numbed their brains on weeds, chemicals, and

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“…Many did try to leave the crush, giving up their valued locations nearer the entrance. Mann et al (1976) reached a similar conclusion in their study of the bank run.…”

Section: ᨪ Conclusionsupporting

confidence: 52%

Panic at "The Who Concert Stampede": An Empirical Assessment

Johnson

1987

Social Problems

143

View full text Add to dashboard Cite

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“…While market behavior is often considered to reflect external economic news, empirical evidence suggests that external events are not the only cause of market panics [ 63 ]. Although empirical studies of panic are difficult [ 64 – 66 ], efforts to distinguish endogenous (self-generated) and exogenous market panics from oscillations of market indices have met with some success [ 30 – 34 ], though the conclusions have been debated [ 67 – 70 ].…”

Section: Introductionmentioning

confidence: 99%

Anticipating Economic Market Crises Using Measures of Collective Panic

et al. 2015

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Predicting panic is of critical importance in many areas of human and animal behavior, notably in the context of economics. The recent financial crisis is a case in point. Panic may be due to a specific external threat or self-generated nervousness. Here we show that the recent economic crisis and earlier large single-day panics were preceded by extended periods of high levels of market mimicry—direct evidence of uncertainty and nervousness, and of the comparatively weak influence of external news. High levels of mimicry can be a quite general indicator of the potential for self-organized crises.

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“…In economics, bank runs occur at least in part because of the risk to the individual from the bank run itself-and may be triggered by predisposing conditions, external (perhaps catastrophic) events, or even randomly [5,6]. Although empirical studies of panic are difficult [7][8][9], efforts to distinguish endogenous (self-generated) and exogenous market panics from oscillations of market indices have met with some success [10][11][12][13][14], though the conclusions have been debated [15][16][17][18]. Market behavior is often considered to reflect external economic news, though empirical evidence has been presented to challenge this connection [19].…”

mentioning

confidence: 99%

Predicting Economic Market Crises Using Measures of Collective Panic

et al. 2011

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Predicting panic is of critical importance in many areas of human and animal behavior, notably in the context of economics. The recent financial crisis is a case in point. Panic may be due to a specific external threat, or self-generated nervousness. Here we show that the recent economic crisis and earlier large single-day panics were preceded by extended periods of high levels of market mimicry -direct evidence of uncertainty and nervousness, and of the comparatively weak influence of external news. High levels of mimicry can be a quite general indicator of the potential for selforganized crises.

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A Study of Economic Panic: The "Run" on the Hindmarsh Building Society

Cited by 8 publications

References 5 publications

Panic at "The Who Concert Stampede": An Empirical Assessment

Panic at "The Who Concert Stampede": An Empirical Assessment

Anticipating Economic Market Crises Using Measures of Collective Panic

Predicting Economic Market Crises Using Measures of Collective Panic

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