Entry in progress—B.P.
 
Wikipedia: Lollapalooza
Lollapalooza is an annual music festival featuring alternative rock, hip hop, and punk rock bands, dance and comedy performances, and craft booths. It has also provided a platform for non-profit and political groups. Lollapalooza has featured a diverse range of bands and has helped expose and popularize alternative rock groups such as Pearl Jam, Nine Inch Nails, The Smashing Pumpkins, Red Hot Chili Peppers, and Hole.
 
Conceived and created in 1991 by Jane’s Addiction singer Perry Farrell as a farewell tour for his band, Lollapalooza ran annually until 1997, and was revived in 2003. From its inception through 1997, and its revival in 2003, the festival toured North America. In 2004, the festival organizers decided to expand the dates to two days per city, however poor ticket sales forced the 2004 tour to be cancelled. In 2005, Farrell and the William Morris Agency partnered up with Austin, Texas-based company Capital Sports Entertainment (now C3 Presents) and retooled it into its current format as a weekend destination festival at Petrillo Music Shell and other areas in Grant Park, Chicago, Illinois.
 
Wikipedia: Charlie Munger
Charles Thomas Munger (b. January 1, 1924, Omaha, Nebraska) is Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by investor Warren Buffett.
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The Lollapalooza Effect is Munger’s term for multiple biases, tendencies or mental models acting at the same time in the same direction. With the Lollapolooza effect, itself a mental model, the result is often extreme, due to the confluence of the mental models, biases or tendencies acting together. In his talk at Harvard in 1995, Munger mentions Tupperware parties and open outcry auctions,which turn the human brain into “mush”. In the Tupperware party, you have reciprocation and social proof. (The hostess gave the party and the tendency is to reciprocate; other people are buying, which is the social proof.) In the open outcry auction, there is social proof of others bidding, commitment to buying the item, and deprivation super-reaction syndrome, i.e. sense of loss. The latter is an individual’s sense of loss of what he believe should be or is his. The term is probably a Munger neologism. These biases often occur at either conscious or subconscious level, and in both microeconomic and macroeconomic scale.
 
Meriiam Webster’s Online Dictionary
Main Entry: lol·la·pa·loo·za
Pronunciation: \ˌlä-lə-pə-ˈlü-zə\
Function: noun
Etymology: origin unknown
Date: 1896
: one that is extraordinarily impressive; also : an outstanding example
 
Historical Dictionary of American Slang
lollapalooza n. [orig. unkn,: cf. LOLLA]
1. something that is an extraordinary example of its kind; LULU. Also vars., esp. lallapalooza.
1896 Ade Artie 8: “But the girls—wow!” “Beauties, eh?” “Lollypaloozers!”
1898 Sporting News (Nov. 12) 6 (coll. B. Popik): “He is saying his team next season will contain a whole lot of lalapaloosas—” “What is a lalapaloose?” “A lalapaloose, my son, is a crackerjack.”
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2. Poker. any of various ecentric hands arbitrarily allowed to win the pot, usu. to deceive a newcomer. Cf. LULU, 1.d.
1934 in DARE: The old lalapaloos game in which the rules are changed to fit the occasion.
1939 in DARE: But I got a lalapalooza.  Out here we call a deuce, four, six, eight, and ten a lalapalooza and that beats everything, even a royal flush. Ain’t that right, boys? 
     
(Oxford English Dictionary)
lallapaloosa
U.S. slang.
[Fanciful formation.]
Something outstandingly good of its kind.
1904 ‘H. MCHUGH’ I’m from Missouri vi. 89 Saturday night we had our final parade with the fireworks finish, and it was a lallapalootza!
1909 F. B. CALHOUN Miss Minerva xxvi. 204 You sho’ is genoowine corn-fed, sterlin’ silver, all-wool-an’-a-yard-wide, pure-leaf, Green-River Lollapaloosas.
1911 Dialect Notes III. 545 A second word~list from Nebraska… Lallapaloosa, something fine or grand; a term of approbation. ‘You have a lallapaloosa of a hat’, ‘That’s a lallapaloosa.’
   
Google Books
April 1897, Kansas University Quarterly, vol. 6, no. 2, “Dialect Word-List - No. 4” by W. H. Carruth and Paul Wilkinson, pg. 89:
lala: a “lulu.”—General.
 
Chronicling America
16 May 1897, Kansas City (MO) Journal, “When Stiff Players Meet” (from the Troy Observer), pg. 13, col. 4:
“All right,” said Scovel, “what’d you have?”
 
“A lalla-pa-loosa,” answered big John and threw his hand to Scovel. There was a jack, and the deuce, trey, four and five of diamonds.
 
30 June 1897, Puck, “A Tale of the Twentieth Century!!” by Captain Maine Read, Jr., pg. 4, col. 1:
I have recently purchased the sky-yacht “Lallapaloosa” and intend a sky cruise to Terra Del Fuego.
 
29 January 1898, The Daily Tribune (Salt Lake City, UT), “Poker Question Answered,” pg. 5, col. 4:
In some localities a “lala-paloose” beats fours.  A “Lala-paloosa” is three clubs and a pair of spades, but it is usually played only once at a sitting. “Lala-paloosas” are only played at Ogden, however, and only residents of that city are allowed to draw down a pot on them.
 
6 June 1899, Chicago (IL) Daily Tribune, “Fitz Thrown By Adam,” pg. 4, col. 5:
The reverend gentlemen did so, but it was by no means what a pugilist would call a “lally-paloosa.”
 
Chronicling America
18 February 1900, Houston (TX) Daily Post, pg. 12, col. 4:
The Gainesville Chronicle is happy. The crowd of hangers-on in that city will not have a lalapaloosa of a time always.
 
Google Books
The story of Lizzie McGuire
By Frank Corey Voorhies
New York, NY: Henry A. Dickerman & Son
1902
Pg. 44:
As I sit here with my feet on the gas-jet and (Pg. 45—ed.) gaze at the twelve Police Gazette pictures of Jimmie, I think that he is a lallapaloosa.
 
Google Books
A corner in women, and other follies
By Thomas Lansing Masson
New York, NY: Moffat, Yard & Co.
1905
Pg. 299:
“My dear boy, not a circumstance to that fairy princess from Kentucky. Oh, my, Gideon, she is a lulu, or lalapaloosa—somehow, that seems more expressive.”
 
Google Books
September 1905, Will Carleton’s Magazine, Every Where, “Passing of the ‘Lallapaloosa,” pg. 45:
What a “lallapaloosa” means, is not stated in the Standard Dictionary; but it possibly refers in this case, to the pious founders of the game.