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The benefits of social influence in optimized cultural markets

Abeliuk, Andres; Berbeglia, Gerardo; Cebrian, Manuel; Van Hentenryck, Pascal

Description

Social influence has been shown to create significant unpredictability in cultural markets, providing one potential explanation why experts routinely fail at predicting commercial success of cultural products. As a result, social influence is often presented in a negative light. Here, we show the benefits of social influence for cultural markets. We present a policy that uses product quality, appeal, position bias and social influence to maximize expected profits in the market. Our...[Show more]

CollectionsANU Research Publications
Date published: 2015-04-01
Type: Journal article
URI: http://hdl.handle.net/1885/14251
Source: PLOS ONE
DOI: 10.1371/journal.pone.0121934

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