Real-life observations of the blue eyes puzzle phenomenon?

The Blue Eyes Puz­zle (solu­tion) de­picts a para­dox: peo­ple en­gage in co­or­di­nated ac­tion de­spite hav­ing no new in­for­ma­tion, when “I know you know he knows” reaches a crit­i­cal mass. Ap­par­ently the for­mal sys­tem in­vented to ad­dress this is called Com­mon Knowl­edge.

Dun­can Black com­plains:

I won­der if any se­ri­ous in­vestor could ac­tu­ally ex­plain what new in­for­ma­tion “the mar­ket” has which could ex­plain why DJIA should be worth 11% less than it was 2 weeks ago.

The typ­i­cal, com­pel­ling, ex­pla­na­tion for this sort of thing is herd be­hav­ior. In the ab­sence of new in­for­ma­tion, the mar­ket is mod­eled as a ran­dom walk, and when the am­pli­tude of its swing hap­pens to get high enough, peo­ple see a trend, an­ti­ci­pate it con­tin­u­ing, and thereby cre­ate the trend and cause a mas­sive swing.

I won­der if you could in­stead model stock mar­ket swings, or other seem­ingly un­mo­ti­vated co­or­di­nated ac­tivity, as com­mon knowl­edge reach­ing crit­i­cal mass. Say new in­for­ma­tion was in­jected into the mar­ket two weeks ago, and it took that long to reach a blue eyes catas­tro­phe.

I have no ev­i­dence for this other than ran­dom pat­tern match­ing.