The origins of influence

Goldbaum, D

The origins of influence

Goldbaum, D

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Publisher:: Elsevier BV
Publication Type:: Journal Article
Citation:: Economic Modelling, 2020
Issue Date:: 2020-01-01

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Field	Value	Language
dc.contributor.author	Goldbaum, D https://orcid.org/0000-0002-4228-1408
dc.date.accessioned	2020-10-05T20:29:20Z
dc.date.available	2020-10-05T20:29:20Z
dc.date.issued	2020-01-01
dc.identifier.citation	Economic Modelling, 2020
dc.identifier.issn	0264-9993
dc.identifier.uri	http://hdl.handle.net/10453/143088
dc.description.abstract	© 2020 Elsevier B.V. Influencers can broadly affect behavior. The developed model identifies a desire to conform as supporting a hierarchical social structure of influencers and followers. I introduce a dynamic model in which choices made are valued based on their popularity. Individuals are modeled as pursuing private interests with only limited information gathered from personal experiences. The analysis reveals that the population develops a network of stable personal relationships relied upon to identify the popular choice. Without explicitly modeling a role for leaders, a leader and followers emerge as ex post behavior types. Environment, behavior, and individuality shape network formation and outcomes. The theoretical equilibrium is not the only stable outcome. Coordination is achieved when adaptive behavior transforms an otherwise transitory local success into a permanent social structure for disseminating information. Despite backward-looking reliance to inform the current decisions, individuals can favorably shape outcomes with forward-looking strategic handling of information.
dc.language	en
dc.publisher	Elsevier BV
dc.relation.ispartof	Economic Modelling
dc.relation.isbasedon	10.1016/j.econmod.2020.04.008
dc.rights	info:eu-repo/semantics/restrictedAccess
dc.subject	1402 Applied Economics, 1403 Econometrics, 1502 Banking, Finance and Investment
dc.subject.classification	Economics
dc.title	The origins of influence
dc.type	Journal Article
utslib.for	1402 Applied Economics
utslib.for	1403 Econometrics
utslib.for	1502 Banking, Finance and Investment
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Strength - QFRC - Quantitative Finance Research Centre
pubs.organisational-group	/University of Technology Sydney
utslib.copyright.status	closed_access	*
dc.date.updated	2020-10-05T20:29:14Z
pubs.publication-status	Published

Abstract:

© 2020 Elsevier B.V. Influencers can broadly affect behavior. The developed model identifies a desire to conform as supporting a hierarchical social structure of influencers and followers. I introduce a dynamic model in which choices made are valued based on their popularity. Individuals are modeled as pursuing private interests with only limited information gathered from personal experiences. The analysis reveals that the population develops a network of stable personal relationships relied upon to identify the popular choice. Without explicitly modeling a role for leaders, a leader and followers emerge as ex post behavior types. Environment, behavior, and individuality shape network formation and outcomes. The theoretical equilibrium is not the only stable outcome. Coordination is achieved when adaptive behavior transforms an otherwise transitory local success into a permanent social structure for disseminating information. Despite backward-looking reliance to inform the current decisions, individuals can favorably shape outcomes with forward-looking strategic handling of information.

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http://hdl.handle.net/10453/143088