> In some other fields humans are modelled as fluids or herds, devoid of individual judgement/decision making
From a game theory perspective, following the herd in this case could be the rational choice on an individual level even if you have decision making. If enough people think there's a shortage coming, and they stock up in preparation for it, then you get an actual shortage as a result. In this scenario, there's very little potential downside to stocking up (at least for non-perishables) from your perspective, since even if you're wrong then you're just saving a few trips to the supermarket in the near future, and you might even get a discount if you buy in bulk (incl. saving gas, time, etc). But there is a potential downside to not stocking up, since you then risk not being able to later find the item when need it again, or having to pay more for it if you do find it. Going further, if you think that other people are going to start panic buying, then it makes sense for you to do so as well. But by doing so you also contribute to causing the shortage, leading to a self fulfilling prophesy.
So I don't think it's necessarily that people aren't being logical, but more that they're acting based on limited information.
From a game theory perspective, following the herd in this case could be the rational choice on an individual level even if you have decision making. If enough people think there's a shortage coming, and they stock up in preparation for it, then you get an actual shortage as a result. In this scenario, there's very little potential downside to stocking up (at least for non-perishables) from your perspective, since even if you're wrong then you're just saving a few trips to the supermarket in the near future, and you might even get a discount if you buy in bulk (incl. saving gas, time, etc). But there is a potential downside to not stocking up, since you then risk not being able to later find the item when need it again, or having to pay more for it if you do find it. Going further, if you think that other people are going to start panic buying, then it makes sense for you to do so as well. But by doing so you also contribute to causing the shortage, leading to a self fulfilling prophesy.
So I don't think it's necessarily that people aren't being logical, but more that they're acting based on limited information.