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Journal of Economic Dynamics and ControlVolume 52, 1 March 2015, Pages 150-165

Self-organization of knowledge economies(Article)(Open Access)

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  • aInstitute for New Economic Thinking at the Oxford Martin School, Eagle House, Walton Well Road, Oxford, OX2 6ED, United Kingdom
  • bLondon Institute for Mathematical Sciences, 35a South Street, Mayfair, London, W1K 2XF, United Kingdom
  • cUnited Nations University - MERIT, Keizer Karelplein 19, Maastricht, 6211TC, Netherlands

Abstract

Suppose that homogeneous agents fully consume their time to invent new ideas and learn ideas from their friends. If the social network is complete and agents pick friends and ideas of friends uniformly at random, the distribution of ideas' popularity is an extension of the Yule-Simon distribution. It has a power-law tail, with an upward or a downward curvature. For infinite population it converges to the Yule-Simon distribution. The power law is steeper when innovation is high. Diffusion follows logistic curves. © 2014 Elsevier B.V.

Author keywords

DiffusionInnovationPower lawTwo-mode networks

Funding details

  • 1

    I thank Robin Cowan, Luis Lafuerza, Daniel Opolot, Giorgio Triulzi, two anonymous referees and audiences at Eindhoven, Oxford, Santa-Fe and the INSNA and WEHIA conferences. Financial support from Maastricht Graduate School of Business and Economics is gratefully acknowledged. All errors are mine.

  • ISSN: 01651889
  • CODEN: JEDCD
  • Source Type: Journal
  • Original language: English
  • DOI: 10.1016/j.jedc.2014.12.004
  • Document Type: Article
  • Publisher: Elsevier

  Lafond, F.; Institute for New Economic Thinking at the Oxford Martin School, Eagle House, Walton Well Road, Oxford, United Kingdom
© Copyright 2015 Elsevier B.V., All rights reserved.

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