The Lollapalooza Effect is the term coined by Charlie Munger, which he uses to explain outcome caused by several bias acting together, leading to powerful, often unanticipated consequences. For instance, scarcity mentality (lack), social proof (everyone else is doing it), and authority (an influential leader) can compel people to line up for hours to buy a hyped new gadget, even if they don't need it. Each of these biases would be influential on its own, but when combined, they create an intense, often irrational, urge to act.