 In many cases, though, real groups are prone to epistemic problems when it comes to combining beliefs. Consider the phenomenon of information cascades, first identified by Bikhchandani et al. (1992). Take a group of agents who almost all have private information that Nissan stock is better than GM stock. The first agent buys GM stock based on their (minority) private information. The second agent has information that Nissan is better, but on the basis of this observed action updates their belief to think GM is likely better. They also buy GM stock. The third agent now sees that two peers purchased GM and likewise updates their beliefs to prefer GM stock. This sets off a cascade of GM buying among observers who, without social information, would have bought Nissan. The problem here is a lack of independence in the “vote”—each individual is influenced by the beliefs and actions of the previous individuals in a way that obscures the presence of private information. In updating on the credences of others, we thus may need to be careful to take into account that they might already have updated on the credences of others.