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Contribution Details

Type Working Paper
Scope Discipline-based scholarship
Title Competitive attention, Superstars and the Long Tail
Organization Unit
  • Andreas Hefti
  • Julia Lareida
  • English
Institution University of Zurich
Series Name Working paper series / Department of Economics
Number 383
ISSN 1664-705X
Number of Pages 68
Date 2021
Abstract Text We propose a model of competitive attention based on two key premises: i) People have limited information processing capacities and ii) consideration sets are formed according to relative salience. The equilibrium predictions we obtain can help to understand, and connect, diverse empirical phenomena, such as the Paradox of Choices, the Power Law dispersions of key market data (sales, profits, online clicks,...), the relation between advertising expenditures and market shares, the evolution of market inequality, or why evidence favoring a “Long Tail” effect is mixed at best.
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Keywords Attention, choice overload, consideration sets, Power Law, Superstar, Long Tail, Matthew Effect