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In social network markets, the act of consumer choice in these industries isgoverned not just by the set of incentives described by conventional consumerdemand theory, but by the choices of others in which an individual's payoff isan explicit function of the actions of others. We observe two key empiricalfeatures of outcomes in social networked markets. First, a highly right-skewed,non-Gaussian distribution of the number of times competing alternatives areselected at a point in time. Second, there is turnover in the rankings ofpopularity over time. We show here that such outcomes can arise either whenthere is no alternative which exhibits inherent superiority in its attributes,or when agents find it very difficult to discern any differences in qualityamongst the alternatives which are available so that it is as if no superiorityexists. These features appear to obtain, as a reasonable approximation, in manysocial network markets. We examine the impact of network structure on both therank-size distribution of choices at a point in time, and on the life spans ofthe most popular choices. We show that a key influence on outcomes is theextent to which the network follows a hierarchical structure. It is the socialnetwork properties of the markets, the meso-level structure, which determineoutcomes rather than the objective attributes of the products.

Social network markets: the influence of network structure when consumers face decisions over many similar choices