Superstars without Talent? The Yule Distribution Controversy
Chung 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.
Volume (Year): 91 (2009)
Issue (Month): 3 (August)
|Contact details of provider:|| Web page: http://mitpress.mit.edu/journals/|
|Order Information:||Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535|
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.:
- Victor Ginsburgh & David Throsby, 2006.
"Handbook of the Eonomics of Art and Culture,"
ULB Institutional Repository
2013/152412, ULB -- Universite Libre de Bruxelles.
- David E. Giles, 2005.
"Superstardom in the U.S. Popular Music Industry Revisited,"
Econometrics Working Papers
0511, Department of Economics, University of Victoria.
- Giles, David E., 2006. "Superstardom in the US popular music industry revisited," Economics Letters, Elsevier, vol. 92(1), pages 68-74, July.
- Cox, Raymond A. K. & Kleiman, Robert T., 2000. "A stochastic model of superstardom: evidence from institutional investor's All-American Research Team," Review of Financial Economics, Elsevier, vol. 9(1), pages 43-53.
- 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.
- Adler, Moshe, 2006. "Stardom and Talent," Handbook of the Economics of Art and Culture, Elsevier.
- Adler, Moshe, 1985. "Stardom and Talent," American Economic Review, American Economic Association, vol. 75(1), pages 208-12, March.
- Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December.
When requesting a correction, please mention this item's handle: RePEc:tpr:restat:v:91:y:2009:i:3:p:648-652. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Kristin Waites)
If references are entirely missing, you can add them using this form.