The Law of the Few

Galeotti, Andrea; Goyal, Sanjeev

doi:10.1257/aer.100.4.1468

Cited by 254 publications

(236 citation statements)

References 15 publications

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“…20 Except the core-periphery treatment, participants had equal degree within each of the other treatments: the permutation of network positions does not change the total number of connections for each participant. 21 In contrast, the two core subjects were in significantly more influential positions than the periphery subjects. Furthermore, the four network structures also differ in density: 0 in non-networked, 1 in complete network, 0.29 in circle network and 0.25 in core-periphery network.…”

Section: Treatmentsmentioning

confidence: 95%

“…20 A network is connected if every pair of nodes i and j is linked by a path and disconnected otherwise. 21 The network structures where every participant has the same degree are also known as "balanced networks". 22 The density of a network is defined as the ratio of actual connections to the total number of possible connections in the network.…”

mentioning

confidence: 99%

“…Several theoretical models on endogenous network formation provide justification for such structures (see Bala and Goyal (2000) and Galeotti and Goyal (2010), among others). Second, while these two network configurations have similar densities in our setting, one is balanced while the other is not.…”

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confidence: 99%

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Costly Information Acquisition, Social Networks and Asset Prices: Experimental Evidence

2017

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We design an experiment to study the implications of information networks for the incentive to acquire costly information, market liquidity, investors' earnings and asset price characteristics in a financial market. Social communication crowds out information production as a result of agent's temptation to free ride on the signals purchased by their neighbors. Although information exchange among traders increases trading volume, improves liquidity and enhances the ability of asset prices to reflect the aggregate amount of information in the market, it fails to improve price accuracy. Net earnings are higher with information sharing due to reduced acquisition of costly signals.JEL Classification Numbers: C92, D82, D83, D84, G10, G14

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Section: Treatmentsmentioning

confidence: 95%

mentioning

confidence: 99%

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Costly Information Acquisition, Social Networks and Asset Prices: Experimental Evidence

2017

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“…information), and those that consider them as a tool for combining individual contributions to a productive effort. Galeotti and Goyal (2010) consider a situation where information can be acquired at some cost by any agent and links between agents are hard to maintain, but those links can be used to transmit information freely once it has been acquired by any agent in a network.…”

Section: Online Social Network and Social Capitalmentioning

confidence: 99%

The Role of Reciprocation in Social Network Formation, with an Application to Blogging

Gaudeul

2012

SSRN Journal

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“…There is considerable evidence, at least in economic networks, that bad information can M A N U S C R I P T A C C E P T E D ACCEPTED MANUSCRIPT 24 drive out good (Cotter, 2006) and that most people access their information from a small subset of potential sources (Galeotti and Goyal, 2010). Research is needed on how these dynamics affect the nature of health information flowing through social networks and the ability of the health care system as a whole to learn from experience.…”

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confidence: 99%

Social networks – The future for health care delivery

Griffiths

Cave

Boardman

et al. 2012

Social Science & Medicine

171

126

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• Health care information of value for improving health care is being assembled through digitally enhanced social networks• Social networking allows patients to control health information accrual without the constraints of traditional health care• The doctor-patient encounter is more influenced by information from social and professional networks than in the past• Social networking has the potential to change the pattern of health inequalities and access to health care• The stability of health care provision and the traditional role of professionals face challenges from social networking AbstractWith the rapid growth of online social networking for health, health care systems are experiencing an inescapable increase in complexity. This is not necessarily a drawback; self-organising, adaptive networks could become central to future health care delivery. This paper considers whether social networks composed of patients and their social circles can compete with, or complement, professional networks in assembling healthrelated information of value for improving health and health care. Using the framework of analysis of a two-sided network -patients and providers -with multiple platforms for interaction, we argue that the structure and dynamics of such a network has implications for future health care. Patients are using social networking to access and contribute health information. Among those living with chronic illness and disability and engaging with social networks, there is considerable expertise in assessing, combining and exploiting information. Social networking is providing a new landscape for patients to assemble health information, relatively free from the constraints of traditional health care.However, health information from social networks currently complements traditional sources rather than substituting for them. Networking among health care provider organisations is enabling greater exploitation of health information for health care planning. The platforms of interaction are also changing. Patient-doctor encounters are now more permeable to influence from social networks and professional networks.Diffuse and temporary platforms of interaction enable discourse between patients and professionals, and include platforms controlled by patients. We argue that social networking has the potential to change patterns of health inequalities and access to health M A N U S C R I P T A C C E P T E D ACCEPTED MANUSCRIPT 2 care, alter the stability of health care provision and lead to a reformulation of the role of health professionals. Further research is needed to understand how network structure combined with its dynamics will affect the flow of information and potentially the allocation of health care resources.

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The Law of the Few

Cited by 254 publications

References 15 publications

Costly Information Acquisition, Social Networks and Asset Prices: Experimental Evidence

Costly Information Acquisition, Social Networks and Asset Prices: Experimental Evidence

The Role of Reciprocation in Social Network Formation, with an Application to Blogging

Social networks – The future for health care delivery

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