My wife texted me yesterday asking if we should stock up a couple of weeks worth of food and water. Now, there’s really no empirical reason to stock up on food and water. But there is a psychological/economic reason: the Common Knowledge game. Common Knowledge is something everyone knows everyone knows. When something becomes Common Knowledge, most people will behave as if the “thing” were true, if it is not. Stock markets are perfect example of Common Knowledge games. People will buy or sell stock, not because they believe stock price ought to rise or fall, but because they everyone believes stock prices will rise or fall.
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