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Attention economies

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  • Falkinger, Josef

Abstract

Attracting attention is a basic feature of economic life but no standard economic problem. A new theoretical model is developed which describes the general structure of competition for attention and characterizes equilibria. The exogenous fundamentals of an attention economy are the space of receiving subjects with their attention capacity, and the potential set of competing companies (senders) with their radiation technologies. The endogenous variables explained by the theory are equilibrium audiences (the clients belonging to a company), their signal exposure and attention, and the diversity of senders surviving the contest for attention. Application of the equilibrium analysis to changes in information technologies and globalisation suggests that international integration or range-increasing technical progress may decrease global diversity. Local diversity, perceived by the individual receivers, may increase nonetheless.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 133 (2007)
Issue (Month): 1 (March)
Pages: 266-294

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Handle: RePEc:eee:jetheo:v:133:y:2007:i:1:p:266-294

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Web page: http://www.elsevier.com/locate/inca/622869

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References

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  1. Hirshleifer, David & Teoh, Siew Hong, 2003. "Limited attention, information disclosure, and financial reporting," Journal of Accounting and Economics, Elsevier, vol. 36(1-3), pages 337-386, December.
  2. Nehring,K. und C.Puppe, 1999. "A Theory of Diversity," Discussion Paper Serie A 605, University of Bonn, Germany.
  3. Sherwin Rosen, 2002. "Markets and Diversity," American Economic Review, American Economic Association, vol. 92(1), pages 1-15, March.
  4. Shyam NMI Sunder & Matthew A. Cronin & Robert E. Kraut & James Morris & Rahul Telang, 2002. "Markets for Attention: Will Postage for Email Help?," Yale School of Management Working Papers ysm301, Yale School of Management.
  5. Robert Kraut & Shyam Sunder & Rahul Telang & James Morris, 2005. "Pricing Electronic Mail to Solve the Problem of Spam," Yale School of Management Working Papers amz2638, Yale School of Management, revised 01 Oct 2005.
  6. Andrew Graham, 2001. "The Assessment: Economics of the Internet," Oxford Review of Economic Policy, Oxford University Press, vol. 17(2), pages 145-158, Summer.
  7. Xavier Gabaix & David Laibson, 2002. "The 6D Bias and the Equity Premium Puzzle," Harvard Institute of Economic Research Working Papers 1947, Harvard - Institute of Economic Research.
  8. Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December.
  9. Sims, Christopher A., 2003. "Implications of rational inattention," Journal of Monetary Economics, Elsevier, vol. 50(3), pages 665-690, April.
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Citations

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Cited by:
  1. Alexia Gaudeul & Caterina Giannetti, 2011. "The role of reciprocation in social network formation, with an application to blogging," Jena Economic Research Papers 2011-015, Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics.
  2. Mondria, Jordi & Wu, Thomas & Zhang, Yi, 2010. "The determinants of international investment and attention allocation: Using internet search query data," Journal of International Economics, Elsevier, vol. 82(1), pages 85-95, September.
  3. Josef Falkinger, 2008. "Limited Attention as a Scarce Resource in Information-Rich Economies," Economic Journal, Royal Economic Society, vol. 118(532), pages 1596-1620, October.
  4. Maystre, Nicolas & Olivier, Jacques & Thoenig, Mathias & Verdier, Thierry, 2009. "Product-Based Cultural Change: Is the Village Global?," CEPR Discussion Papers 7438, C.E.P.R. Discussion Papers.
  5. Andreas M. Hefti, 2011. "Attention competition," ECON - Working Papers 028, Department of Economics - University of Zurich.
  6. Hartmut Egger & Josef Falkinger, 2013. "Limited Consumer Attention in International Trade," CESifo Working Paper Series 4166, CESifo Group Munich.
  7. Caliendo, Marco & Clement, Michel & Papies, Dominik & Scheel-Kopeinig, Sabine, 2008. "The Cost Impact of Spam Filters: Measuring the Effect of Information System Technologies in Organizations," IZA Discussion Papers 3755, Institute for the Study of Labor (IZA).
  8. Agnès Festré & Pierre Garrouste, 2012. "The ‘Economics of Attention’: A New Avenue of Research in Cognitive Economics," GREDEG Working Papers 2012-12, Groupe de REcherche en Droit, Économie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  9. Josef Falkinger, 2007. "Distribution and Use of Knowledge under the “Laws of the Web”," CESifo Working Paper Series 2154, CESifo Group Munich.
  10. Satterthwaite, Mark & Shneyerov, Artyom, 2008. "Convergence to perfect competition of a dynamic matching and bargaining market with two-sided incomplete information and exogenous exit rate," Games and Economic Behavior, Elsevier, vol. 63(2), pages 435-467, July.
  11. Legge, Stefan & Schmid, Lukas, 2013. "Rankings, Random Successes, and Individual Performance," Economics Working Paper Series 1340, University of St. Gallen, School of Economics and Political Science.
  12. Huberman, Bernardo & Wu, Fang, 2006. "Comparative Advante and Efficient Advertising in the Attention Economy," MPRA Paper 928, University Library of Munich, Germany.
  13. Josef Falkinger, 2008. "A welfare analysis of "junk" information and spam filters," SOI - Working Papers 0811, Socioeconomic Institute - University of Zurich.
  14. Falkinger, Josef, 2005. "Limited Attention as the Scarce Resource in an Information-Rich Economy," IZA Discussion Papers 1538, Institute for the Study of Labor (IZA).
  15. Josef Falkinger, 2012. "Em-powering economics: Some thoughts on policy and financial markets," ECON - Working Papers 093, Department of Economics - University of Zurich.

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