Why do individuals decide to herd?

What will be an ideal response?

In general, there are two reasons why individuals may decide to herd. The first might simply be that they are afraid of being wrong—for this reason, they might not value their own instincts highly. Another reason is the assumption that if many people are making the same decision, they must be doing so for a reason. Herding creates an informational equilibrium in which people trust the wisdom of others and ignore their own information.