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Increasing returns to information in the US popular music industry

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  • David Giles

Abstract

Using data relating to 'number one' hits on the Billboard Hot 100 chart, we find clear evidence of increasing returns to information in the US market for popular music. This evidence supports related findings for the motion picture industry in various countries, and for Broadway productions.

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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Applied Economics Letters.

Volume (Year): 14 (2007)
Issue (Month): 5 ()
Pages: 327-331

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Handle: RePEc:taf:apeclt:v:14:y:2007:i:5:p:327-331

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References

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  1. Hamlen, William A, Jr, 1994. "Variety and Superstardom in Popular Music," Economic Inquiry, Western Economic Association International, vol. 32(3), pages 395-406, July.
  2. Chung, Kee H & Cox, Raymond A K, 1994. "A Stochastic Model of Superstardom: An Application of the Yule Distribution," The Review of Economics and Statistics, MIT Press, vol. 76(4), pages 771-75, November.
  3. De Vany, Arthur S. & Walls, W. David, 2004. "Motion picture profit, the stable Paretian hypothesis, and the curse of the superstar," Journal of Economic Dynamics and Control, Elsevier, vol. 28(6), pages 1035-1057, March.
  4. Andrew E. Burke, 1995. "The Dynamics of Product Differentiation in the British Record Industry," Economics Technical Papers 951, Trinity College Dublin, Department of Economics.
  5. David Giles, 2007. "Survival of the hippest: life at the top of the hot 100," Applied Economics, Taylor & Francis Journals, vol. 39(15), pages 1877-1887.
  6. Marie Connolly & Alan B. Krueger, 2005. "Rockonomics: The Economics of Popular Music," NBER Working Papers 11282, National Bureau of Economic Research, Inc.
  7. Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992. "A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades," Journal of Political Economy, University of Chicago Press, vol. 100(5), pages 992-1026, October.
  8. Hamlen, William A, Jr, 1991. "Superstardom in Popular Music: Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 729-33, November.
  9. David Maddison, 2004. "Increasing returns to information and the survival of broadway theatre productions," Applied Economics Letters, Taylor & Francis Journals, vol. 11(10), pages 639-643.
  10. Strobl, E. & Tucker, C., 1999. "The Dynamics of Chart Success in the UK Pre-Resorded Popular Music Industry," Papers 99/10, College Dublin, Department of Political Economy-.
  11. White, Halbert, 1980. "A Heteroskedasticity-Consistent Covariance Matrix Estimator and a Direct Test for Heteroskedasticity," Econometrica, Econometric Society, vol. 48(4), pages 817-38, May.
  12. Vining, Daniel R, Jr, 1976. "Autocorrelated Growth Rates and the Pareto Law: A Further Analysis," Journal of Political Economy, University of Chicago Press, vol. 84(2), pages 369-80, April.
  13. Ijiri, Yuji & Simon, Herbert A, 1974. "Interpretations of Departures from the Pareto Curve Firm-Size Distributions," Journal of Political Economy, University of Chicago Press, vol. 82(2), pages 315-31, Part I, M.
  14. Chris Hand, 2001. "Increasing returns to information: further evidence from the UK film market," Applied Economics Letters, Taylor & Francis Journals, vol. 8(6), pages 419-421.
  15. Victor Ginsburgh & David Throsby, 2006. "Handbook of the economics of art and culture," ULB Institutional Repository 2013/1673, ULB -- Universite Libre de Bruxelles.
  16. W. David Walls, 1997. "Increasing returns to information: evidence from the Hong Kong movie market," Applied Economics Letters, Taylor & Francis Journals, vol. 4(5), pages 287-290.
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Citations

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Cited by:
  1. Brinja Meiseberg, 2014. "Trust the artist versus trust the tale: performance implications of talent and self-marketing in folk music," Journal of Cultural Economics, Springer, vol. 38(1), pages 9-42, February.
  2. Giles, David E., 2006. "Superstardom in the US popular music industry revisited," Economics Letters, Elsevier, vol. 92(1), pages 68-74, July.
  3. Gaffeo, Edoardo & Scorcu, Antonello E. & Vici, Laura, 2008. "Demand distribution dynamics in creative industries: The market for books in Italy," Information Economics and Policy, Elsevier, vol. 20(3), pages 257-268, September.
  4. Ivan Pitt, 2010. "Superstar effects on royalty income in a performing rights organization," Journal of Cultural Economics, Springer, vol. 34(3), pages 219-236, August.
  5. W. Walls, 2010. "Superstars and heavy tails in recorded entertainment: empirical analysis of the market for DVDs," Journal of Cultural Economics, Springer, vol. 34(4), pages 261-279, November.
  6. Staffan Albinsson, 2013. "Swings and roundabouts: Swedish music copyrights 1980–2009," Journal of Cultural Economics, Springer, vol. 37(2), pages 175-184, May.

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