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American Economic Review: Vol. 100 No. 4 (September 2010)

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The Law of the Few

Article Citation

Galeotti, Andrea, and Sanjeev Goyal. 2010. "The Law of the Few." American Economic Review, 100(4): 1468-92.

DOI: 10.1257/aer.100.4.1468

Abstract

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)

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Authors

Galeotti, Andrea (U Essex)
Goyal, Sanjeev (Christ's College, U Cambridge)

JEL Classifications

D83: Search; Learning; Information and Knowledge; Communication; Belief
D85: Network Formation and Analysis: Theory
Z13: Economic Sociology; Economic Anthropology; Social and Economic Stratification


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