Superstars without talent? The Yule distribution controversy
AbstractChung and Cox (1994) provided an intuitively appealing stochastic model which indicates that superstars may exist regardless of talent and which gives 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.
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Bibliographic InfoPaper provided by Stockholm School of Economics in its series Working Paper Series in Economics and Finance with number 658.
Length: 17 pages
Date of creation: 25 Apr 2007
Date of revision: 09 May 2007
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Superstardom; Yule distribution;
Other versions of this item:
- Laura Spierdijk & Mark Voorneveld, 2009. "Superstars without Talent? The Yule Distribution Controversy," The Review of Economics and Statistics, MIT Press, vol. 91(3), pages 648-652, August.
- 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
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-05-04 (All new papers)
- NEP-CUL-2007-05-04 (Cultural Economics)
- NEP-ECM-2007-05-04 (Econometrics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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