The Law of the Few

• 成果类型: Article
• 署名作者: Galeotti, Andrea; Goyal, Sanjeev
• 署名单位: University of Essex; University of Cambridge; University of Cambridge
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.100.4.1468
• 发表日期: 2010
• 页码: 1468-1492
• 关键词: Network formation; MODEL

摘要

Empirical work shows that a large majority of individuals get most of their information from a very small subset of the group, viz., the influencers; moreover, there exist only minor differences between the observable characteristics of the influencers and the others. We refer to these empirical findings as the Law of the Few. This paper develops a model where players personally acquire information and form connections with others to access their information. Every (robust) equilibrium of this model exhibits the law of the few. (JEL D83, D85, Z13)