Experimental study of inequality and unpredictability in an artificial cultural market
Why do some songs become hits? This is a thought-provoking paper that delves into how social sharing can cause huge unpredictability. The authors create an artificial environment where participants engage with and rank songs, thereby simulating the dynamics of how people listen to songs in real life. By studying how songs gain popularity and become hits within the simulated market, the authors highlight the unpredictability of cultural trends. The examination of the “rich get richer” phenomenon and the role of social influence in driving inequality is particularly enlightening. It is interesting how even minor initial differences in popularity can lead to vastly different outcomes over time.