Fair Transmission of Individual Signals and Formation of Mainstream Information: Evidence from Herd Behaviours in Emergencies

Table 1

The implication of types of risk appetite.

Risk appetite	Implication
Risk neutral	Individuals are rational, and the expected value of A and B is equal. From the perspective of probability, there is no deviation or bias in individual decision-making, without over-reaction or under-reaction.
Risk appetite	Individuals tend to collect more information and do comparisons, instead of reacting immediately. Before emergencies, they are in a state of excessive caution and distrust and hold their own decisions. Over time, the reaction gradually weakens.
Risk aversion	Individuals are more sensitive to mainstream information. With the increasing complexities of information, individual responses become more and more intense.
Risk aversion ⟶risk appetite	In the process of interaction, individuals establish the psychological connection of sharing a common destiny, gradually have a trust relationship, and change the type of risk appetite.
Risk appetite ⟶risk aversion	As the situation pressure decreases and individuals can make their own decisions.