This term was first used in its current context in a Wired magazine article in 2004. However the statistical concept has been studied since at least 1946. The term has also been used in the insurance business for many years. The term is now used in online business, mass media, micro-finance, user-driven innovation, social network mechanisms, economic models, and viral marketing.
An Amazon employee once described it as follows: "We sold more books today that didn't sell at all yesterday than we sold today of all the books that did sell yesterday.". What term?
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Long Tail theory
data mining?
herd behaviour?
Something to do with the law of diminishing marginal utility?
The answer is the concept of the Long Tail. Chris Anderson, the editor-in-chief of Wired magazine popularized the concept through his article and subsequent book. I would have accepted Power law or Zipf's law too.
I guess it was harder than I expected. Congrats Aatash for the right answer.
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