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In economics, a network effect (also called network externality or demand-side economies of scale) is the phenomenon by which the value or utility a user derives from a good or service depends on the number of users of compatible products. Network effects are typically positive feedback systems, resulting in users deriving more and more value ...
A small-world network is a graph characterized by a high clustering coefficient and low distances. On an example of social network, high clustering implies the high probability that two friends of one person are friends themselves. The low distances, on the other hand, mean that there is a short chain of social connections between any two ...
Internet phenomena are social and cultural phenomena specific to the Internet, such as Internet memes, which include popular catchphrases, images, viral videos, and jokes. When such fads and sensations occur online, they tend to grow rapidly and become more widespread because the instant communication facilitates word of mouth transmission.
Triadic closure is a concept in social network theory, first suggested by German sociologist Georg Simmel in his 1908 book Soziologie [Sociology: Investigations on the Forms of Sociation]. [1] Triadic closure is the property among three nodes A, B, and C (representing people, for instance), that if the connections A-B and A-C exist, there is a ...
The phenomenon present in real networks, when older hubs are shadowed in a network. This phenomenon is responsible for changes in evolution and topology of networks. [6]: 3 The example of aging phenomenon may be the case of Facebook overtaking the position of the largest hub on the Web, Google (which was the largest node since 2000). [citation ...
Information cascade. An information cascade or informational cascade is a phenomenon described in behavioral economics and network theory in which a number of people make the same decision in a sequential fashion. It is similar to, but distinct from herd behavior. [ 1 ][ 2 ][ 3 ] An information cascade is generally accepted as a two-step process.
The small-world experiment comprised several experiments conducted by Stanley Milgram and other researchers examining the average path length for social networks of people in the United States. [1] The research was groundbreaking in that it suggested that human society is a small-world -type network characterized by short path-lengths.
Network effects Metcalfe's law characterizes many of the network effects of communication technologies and networks such as the Internet, social networking and the World Wide Web. Former Chairman of the U.S. Federal Communications Commission Reed Hundt said that this law gives the most understanding to the workings of the present-day Internet. [3] Mathematically, Metcalfe's Law shows that the ...