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Influential opinion leaders


Loeper, Antoine; Steiner, Jakub; Stewart, Colin (2014). Influential opinion leaders. Economic Journal, 124(581):1147-1167.

Abstract

We present a two-stage coordination game in which early choices of experts with special interests areobserved by followers who move in the second stage. We show that the equilibrium outcome is biased towards the experts’ interests even though followers know the distribution of expert interests. Expert influence is fully decentralised in the sense that each individual expert has a negligible impact. The bias in favour of experts results from a social learning effect that is multiplied through a coordination motive. We apply our results to the onset of social movements and to the diffusion of products with network externalities.

Abstract

We present a two-stage coordination game in which early choices of experts with special interests areobserved by followers who move in the second stage. We show that the equilibrium outcome is biased towards the experts’ interests even though followers know the distribution of expert interests. Expert influence is fully decentralised in the sense that each individual expert has a negligible impact. The bias in favour of experts results from a social learning effect that is multiplied through a coordination motive. We apply our results to the onset of social movements and to the diffusion of products with network externalities.

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Economics and Econometrics
Uncontrolled Keywords:Economics and econometrics
Language:English
Date:1 December 2014
Deposited On:24 Sep 2019 06:50
Last Modified:31 Jul 2020 03:40
Publisher:Wiley-Blackwell Publishing, Inc.
ISSN:0013-0133
OA Status:Green
Publisher DOI:https://doi.org/10.1111/ecoj.12100

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