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Superstars, Winner-Take-All Markets and Economic Growth

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  • Baochun Peng

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Abstract

This paper argues that the “superstar” phenomenon, as a natural outcome of features of knowledge-based products, has important relevance for - and has so far been overlooked by - endogenous growth theory. By modelling superstar phenomena as outcomes of winnertake-all contests in an innovation-driven endogenous growth model, where productivity growth as well as the structures of the winner-takeall contests are jointly determined, this paper provides a framework that simultaneously accounts for changes in income disparity observed in recent decades, the rise of the superstar phenomenon, the intensification of winner-take-all contests, and the “paradox of happiness”.

Suggested Citation

  • Baochun Peng, 2009. "Superstars, Winner-Take-All Markets and Economic Growth," NUBS Malaysia Campus Research Paper Series 2009-06, Nottingham University Business School Malaysia Campus.
  • Handle: RePEc:nom:nubsmc:2009-06
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    File URL: http://ssrn.com/abstract=1392642
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    Keywords

    Endogenous growth; Winner-take-all contest; Superstars; Income inequality; Happiness;

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