Superstars without Talent? The Yule Distribution Controversy
AbstractChung and Cox (1994) provided an intuitively appealing stochastic model indicating that superstars may exist regardless of talent, giving rise to the Yule distribution. We adopt a different empirical approach and test its goodness of fit using a parametric bootstrap and several powerful test statistics. Just like the discrete Pareto distribution, it is overwhelmingly rejected: it is a fairly accurate approximation of the lower quantiles of the superstar distribution but overestimates the snowball effect that makes consumers purchase records of the most successful artists. In other words, the Yule distribution captures stardom, but not superstardom. A generalization of the Yule distribution provides an excellent fit in two of the three data sets. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.
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Bibliographic InfoArticle provided by MIT Press in its journal The Review of Economics and Statistics.
Volume (Year): 91 (2009)
Issue (Month): 3 (August)
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Web page: http://mitpress.mit.edu/journals/
Other versions of this item:
- Spierdijk, Laura & Voorneveld, Mark, 2007. "Superstars without talent? The Yule distribution controversy," Working Paper Series in Economics and Finance 658, Stockholm School of Economics, revised 09 May 2007.
- J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials
- L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
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