The Law of the Few
Empirical work shows that a large majority of individuals get most of their information from a very small subset of the group, viz., the influencers; moreover, there exist only minor differences between the observable characteristics of the influencers and the others. We refer to these empirical findings as the Law of the Few. This paper develops a model where players personally acquire information and form connections with others to access their information. Every (robust) equilibrium of this model exhibits the law of the few. (JEL D83, D85, Z13)
Volume (Year): 100 (2010)
Issue (Month): 4 (September)
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- Cabrales, Antonio & Gottardi, Piero, 2014.
"Markets for information: Of inefficient firewalls and efficient monopolies,"
Games and Economic Behavior,
Elsevier, vol. 83(C), pages 24-44.
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- Gottardi, Piero & Cabrales, Antonio, 2008. "Markets for information : of inefficient firewalls and efficient monopolies," UC3M Working papers. Economics we080201, Universidad Carlos III de Madrid. Departamento de Economía.
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- Andrea Galeotti, 2006. "One-way flow networks: the role of heterogeneity," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(1), pages 163-179, September. Full references (including those not matched with items on IDEAS)
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