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The effect of feedback consistency on success in markets with positive feedbacks

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  • Lamberson, P.J.
  • Page, Scott E.
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    Abstract

    In this paper, we show how the finite time expected outcomes in a stochastic ball and urn model depend on the variation in feedbacks by applying the concept of second order stochastic dominance to the feedback distribution. We find that less variation leads to greater expected outcomes.

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    Bibliographic Info

    Article provided by Elsevier in its journal Economics Letters.

    Volume (Year): 114 (2012)
    Issue (Month): 3 ()
    Pages: 259-261

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    Handle: RePEc:eee:ecolet:v:114:y:2012:i:3:p:259-261

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    Web page: http://www.elsevier.com/locate/ecolet

    Related research

    Keywords: Urn model; Positive feedbacks; Stochastic dominance;

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    1. Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, vol. 87(5), pages 847-62, December.
    2. Dosi, Giovanni & Ermoliev, Yuri & Kaniovski, Yuri, 1994. "Generalized urn schemes and technological dynamics," Journal of Mathematical Economics, Elsevier, vol. 23(1), pages 1-19, January.
    3. Page, Scott E., 2006. "Path Dependence," International Quarterly Journal of Political Science, now publishers, vol. 1(1), pages 87-115, January.
    4. Kevin B. Hendricks & Vinod R. Singhal, 1997. "Does Implementing an Effective TQM Program Actually Improve Operating Performance? Empirical Evidence from Firms That Have Won Quality Awards," Management Science, INFORMS, vol. 43(9), pages 1258-1274, September.
    5. Easton, George S & Jarrell, Sherry L, 1998. "The Effects of Total Quality Management on Corporate Performance: An Empirical Investigation," The Journal of Business, University of Chicago Press, vol. 71(2), pages 253-307, April.
    6. Balmann, Alfons & Odening, Martin & Weikard, Hans-Peter & Brandes, Wilhelm, 1993. "Path-Dependence Without Increasing Returns To Scale And Network Externalities," Staff Papers 13402, University of Minnesota, Department of Applied Economics.
    7. Angela A. Hung & Charles R. Plott, 2001. "Information Cascades: Replication and an Extension to Majority Rule and Conformity-Rewarding Institutions," American Economic Review, American Economic Association, vol. 91(5), pages 1508-1520, December.
    8. De Vany, Arthur & Walls, W David, 1996. "Bose-Einstein Dynamics and Adaptive Contracting in the Motion Picture Industry," Economic Journal, Royal Economic Society, vol. 106(439), pages 1493-1514, November.
    9. Mark Granovetter, 2005. "The Impact of Social Structure on Economic Outcomes," Journal of Economic Perspectives, American Economic Association, vol. 19(1), pages 33-50, Winter.
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