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American Economic Review: Vol. 100 No. 4 (September 2010)
AER Volume. 100, Issue 4 | 
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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
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)
Article Full-Text Access
Full-text Article
Additional Materials
Online Appendix (123.77 KB)
Authors
Galeotti, Andrea (U Essex)
Goyal, Sanjeev (Christ's College, U Cambridge)
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
D85: Network Formation and Analysis: Theory
Z13: Economic Sociology; Economic Anthropology; Social and Economic Stratification
