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Increasing Returns to Information in the U.S. Popular Music Industry

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Author Info
David E. Giles () (Department of Economics, University of Victoria)

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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 U.S. 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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File URL: http://web.uvic.ca/econ/research/papers/ewp0510.pdf
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Publisher Info
Paper provided by Department of Economics, University of Victoria in its series Econometrics Working Papers with number 0510.

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Length: 10 pages
Date of creation: 07 Jul 2005
Date of revision:
Handle: RePEc:vic:vicewp:0510

Note: ISSN 1485-6441
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Postal: PO Box 1700, STN CSC, Victoria, BC, Canada, V8W 2Y2
Phone: (250)721-8540
Fax: (250)721-6214
Web page: http://web.uvic.ca/econ
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Related research
Keywords: Popular music; returns to information; Gibrat’s law; Zipf’s Law; Pareto’s law; stable distribution; Bose-Einstein dynamics;

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Find related papers by JEL classification:
C4 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics
D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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References listed on IDEAS
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.:
  1. Marie Connolly & Alan B. Krueger, 2005. "Rockonomics: The Economics of Popular Music," NBER Working Papers 11282, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. 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. [Downloadable!] (restricted)
  3. David E. Giles, 2005. "Survival of the Hippest: Life at the Top of the Hot 100," Econometrics Working Papers 0507, Department of Economics, University of Victoria. [Downloadable!]
    Other versions:
  4. Walls, W David, 1997. "Increasing Returns to Information: Evidence from the Hong Kong Movie Market," Applied Economics Letters, Taylor and Francis Journals, vol. 4(5), pages 287-90, May. [Downloadable!] (restricted)
  5. Hand, Chris, 2001. "Increasing Returns to Information: Further Evidence from the UK Film Market," Applied Economics Letters, Taylor and Francis Journals, vol. 8(6), pages 419-21, June. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. 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. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
  9. 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. [Downloadable!] (restricted)
  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-.
    Other versions:
  11. 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. [Downloadable!] (restricted)
  12. Andrew Burke, 1996. "The dynamics of product differentiation in the British record industry," Journal of Cultural Economics, Springer, vol. 20(2), pages 145-164, June. [Downloadable!] (restricted)
    Other versions:
  13. Hamlen, William A, Jr, 1994. "Variety and Superstardom in Popular Music," Economic Inquiry, Oxford University Press, vol. 32(3), pages 395-406, July.
  14. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Edoardo Gaffeo & Antonello E. Scorci & Laura Vici, 2008. "Demand Distribution Dynamics in Creative Industries: the Market for Books in Italy," Department of Economics Working Papers 0804, Department of Economics, University of Trento, Italia. [Downloadable!]
  2. E. Gaffeo & A. E. Scorcu & L. Vici, 2008. "Demand Distribution Dynamics in Creative Industries: the Market for Books in Italy," Working Papers 630, Dipartimento Scienze Economiche, Universita' di Bologna. [Downloadable!]
    Other versions:
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