More recently, he has worked on
communication networks,
electronic publishing,
economics of security and
electronic commerce. In 1998, he and Kerry Coffman were the first to show that one of the great inspirations for the Internet bubble, the myth of "Internet traffic doubling every 100 days," was false. In the paper "Content is Not King", published in
First Monday in January 2001, he argues that • the
entertainment industry is a small industry compared with other industries, notably the
telecommunications industry; • people are more interested in
communication than
entertainment; • and therefore that entertainment "content" is not the
killer app for the
Internet. In 2012, he became a fellow of the International Association for Cryptologic Research and in 2013 of the
American Mathematical Society.
Network value In the 2006 paper "Metcalfe's Law is Wrong", Andrew Odlyzko and coauthors argue that the incremental value of adding one person to a network of
n people is approximately the
nth
harmonic number, so the total value of the network is approximately
n * log(
n). Since this curves upward (unlike
Sarnoff's law), it implies that Metcalfe's conclusion – that there is a
critical mass in networks, leading to a
network effect – is qualitatively correct. But since this
linearithmic function does not grow as rapidly as
Metcalfe's law, it implies that many of the quantitative expectations based on Metcalfe's law were excessively optimistic. For example, by Metcalfe, if a hypothetical network of 100,000 members has a value of $1M, doubling its membership would increase its value fourfold (200,0002/100,0002). However Odlyzko predicts its value would only slightly more than double: 200,000*log(200,000)/(100,000*log(100,000). == Financial history ==