In the context of the rapid development of internet culture, this paper compares the irrational behaviors exhibited by stock market investors and fan circle consumers, discussing the influence of the fan circle economy on consumer psychology. The study finds that fan communities, through their organized and emotional structure, profoundly shape consumer behavior and mirror the irrationalities observed in capital markets. Drawing on behavioral finance theory, this paper identifies three key shared psychological mechanisms: the sunk cost effect, herd behavior, and loss aversion. By mapping these parallels, the paper sheds light on how emotions and group identity distort rational decision-making in both cultural and financial contexts, and briefly discusses potential policy responses.
Shuao Zhang (2025) studied this question.