Purpose This study aims to determine the causality of herding which was traced down to social and normative influences from first-home buyers represented by undergraduate students. Design/methodology/approach The Perception Alignment Hypothesis was used in this experimental research, and was conducted on a sample of 125 undergraduates studying finance representing first-home buyers. The experiment provides the subjects property brochures in Surabaya to appraise a value that they see fit for purchase. The subjects were given both social- and normative-induced treatments separately using information cascade, and their valuation shifts were recorded. Their valuations were then divided into three sections under the treatment groups, consisting of initial, “social’ and “normative’ valuations. Findings In contrast to previous findings, the results showed that first-home buyers succumbed to both social and normative influences, causing them to herd. Further analysis of the credibility of information was conducted and it showed that the undergraduates were only prone to social influence, whereas other aspects regarding normative influences must be further researched. Practical implications The decline of homeownership on a global scale is concerning, especially when 60% of the market represents young adults under the age of 35. This implies that both the government and property developers may need to enact strict measures to regulate property purchases. Originality/value This is the first experimental study on herding of Surabaya, Indonesia, mainly focusing on human behavior and information cascade. Thus, this study could be a viable reflection to future policies in Indonesia being made to answer actual demands in the residential market.
The main purpose of this study is to investigate the causality of the behavioral bias ‘herding’ that was traced down to both social and normative influences. An experimental method was developed to test 125 participants studying finance. The experiment provides a total of 6 houses in which the participants were instructed to appraise to a value that meets their willingness to purchase. The subjects were treated with social and normative influences and their valuation shifts were observed. In total, three valuations were recorded, labeled ‘initial’, ‘social’, and ‘normative’ valuations respectively. Our findings showed that the undergraduates were susceptible to both social and normative influences. However, further analysis showed that some external factors had a role in causing the herding behavior.
Concrete is a well-known versatile material, and its application is very common in most structures. Concrete performance is high in compression but low in tensile strength, this leads to the appearance of microcracks when the structure bears the designed loading. Such microcracks when ignored, leaves the structure vulnerable to attacks such as seepage of water, chlorides, and other materials that lead to a reduction in performance, and extreme cases failure of the structure. Since cracking is inevitable in concrete, new materials with self-healing properties are introduced into the mixture to take advantage of the external materials while making the concrete stronger. This type of concrete is widely researched from 1970 until the present day and is still in ‘proof of concept stages, and very few to no applications of autonomous self-healing concrete in real-world structures. This paper is an attempt to further classify the existing methodologies and find the gaps between researchers. The autonomous healing of concrete in present-day research varies in results; this means that the self-healing methodology requires standardization. Furthermore, self-healing in concrete does not mean maintenance is not required, it implies an easier maintenance method is possible due to the benefits gained through a possibly higher early cost in construction.
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