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Consumers don’t play dice, influence of social networks and advertisements

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  • Groot, Robert D.

Abstract

Empirical data of supermarket sales show stylised facts that are similar to stock markets, with a broad (truncated) Lévy distribution of weekly sales differences in the baseline sales [R.D. Groot, Physica A 353 (2005) 501]. To investigate the cause of this, the influence of social interactions and advertisements are studied in an agent-based model of consumers in a social network. The influence of network topology was varied by using a small-world network, a random network and a Barabási–Albert network. The degree to which consumers value the opinion of their peers was also varied.

Suggested Citation

  • Groot, Robert D., 2006. "Consumers don’t play dice, influence of social networks and advertisements," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 363(2), pages 446-458.
    • Handle: RePEc:eee:phsmap:v:363:y:2006:i:2:p:446-458
    DOI: 10.1016/j.physa.2005.08.023
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    Cited by:

    1. Chen, Yahong & Li, Jinlin & Huang, He & Ran, Lun & Hu, Yusheng, 2017. "Encouraging information sharing to boost the name-your-own-price auction," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 479(C), pages 108-117.
    2. Kotaro Ohori & Shingo Takahashi, 2012. "Market design for standardization problems with agent-based social simulation," Journal of Evolutionary Economics, Springer, vol. 22(1), pages 49-77, January.
    3. Eyal Carmi & Gal OEstreicher-Singer & Arun Sundararajan, 2010. "Is Oprah Contagious? Identifying Demand Spillovers in Product Networks," Working Papers 10-18, NET Institute.

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