Aligning Popularity and Quality in Online Cultural Markets
Bibliographic Data
| ID | 7524315 |
|---|---|
| Authors | Pascal Van Hentenryck (0000-0001-7085-9994, University of Michigan, corresponding author), Andrés Abeliuk (0000-0002-8158-4647, The University of Melbourne), Franco Berbeglia (Carnegie Mellon University), Felipe Maldonado (0000-0001-8272-5192, Australian National University), Gerardo Berbeglia (0000-0003-0108-2936, The University of Melbourne) |
| Year | 2021 |
| Volume | 10 |
| Issue | 1 |
| Pages | 398-407 |
| Publication date | 2021-08-04 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Proceedings of the International AAAI Conference on Web and Social Media (JOURNAL) |
| Journal identifiers | ISSN: 2162-3449 • E-ISSN: 2334-0770 |
| Publisher | Association for the Advancement of Artificial Intelligence (AAAI) (PUBLISHER) |
| DOI | 10.1609/icwsm.v10i1.14720 |
| OpenAlex | W2573615281 |
| Language | EN |
| Citations received | 1 |
| References cited | 6 |
Social influence is ubiquitous in cultural markets and plays an important role in recommendations for books, songs, and news articles to name only a few. Yet social influence is often presented in a bad light, often because it supposedly increases market unpredictability. Here we study a model of trial-offer markets, in which participants try products and later decide whether to purchase. We consider a simple policy which recovers product quality and ranks the products by quality when presenting them to market participants. We show that, in this setting, market efficiency always benefits from social influence. Moreover, we prove that the market converges almost surely to a monopoly for the product of highest quality, making the market both predictable and asymptotically optimal. Computational experiments confirm that the quality ranking policy quickly identifies "blockbusters", outperforms other policies, and is highly predictable
Advertising · Business · Economics · Microeconomics · Monopoly · Political science · Popularity · Product (mathematics · Quality (philosophy · Ranking (information retrieval · Social media · World Wide Web · Computer Science · Game Theory and Applications · Law · Mathematics · Media Influence and Politics · Opinion Dynamics and Social Influence · Artificial Intelligence · Marketing
| Highly cited | No |
|---|