The benefits of social influence in optimized cultural markets
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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]
Collections | ANU Research Publications |
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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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Abeliuk et al The Benefits of Social Influence 2015.pdf | 902.41 kB | Adobe PDF | ![]() |
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