The more some people go, the more other people want to go too. It is something to share and talk about. From the latest JPE, by
Duncan Sheppard Gilchrist (Wealthfront) and Emily Glassberg Sands (Coursera), here is the abstract:
We exploit the randomness of weather and the relationship between weather and moviegoing to quantify social spillovers in movie consumption. Instrumenting for early viewership with plausibly exogenous weather shocks captured in LASSO-chosen instruments, we find that shocks to opening weekend viewership are doubled over the following five weekends. Our estimated momentum arises almost exclusively at the local level, and we find no evidence that it varies with either ex post movie quality or the precision of ex ante information about movie quality, suggesting that the observed momentum is driven in part by a preference for shared experience, and not only by social learning.
Here are ungated copies, note it is fitting this research comes in part from Coursera. Also from the new JPE, if a Spanish region has a disproportionate share of lottery winners, it is more likely to opt for the incumbent.