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Position-specific information in social networks: Are you connected?

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Author Info

  • McBride, Michael

Abstract

Individuals in social networks often imperfectly monitor others' network relationships and have incomplete information about the value of forming new relationships. This paper introduces the Generalized Conjectural Equilibrium (GCE) concept for such settings and completely characterizes the set of GCE networks when players observe only local parts of the network. Incomplete information and imperfect monitoring generate different types of inefficiency. These inefficiencies increase in number and scope as network observation becomes more localized. These results suggest that actual social networks will be structured inefficiently in general.

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File URL: http://www.sciencedirect.com/science/article/B6V88-4SK07NW-1/2/9e7fa76974d4beca68073597c6b9a077
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Bibliographic Info

Article provided by Elsevier in its journal Mathematical Social Sciences.

Volume (Year): 56 (2008)
Issue (Month): 2 (September)
Pages: 283-295

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Handle: RePEc:eee:matsoc:v:56:y:2008:i:2:p:283-295

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Web page: http://www.elsevier.com/locate/inca/505565

Related research

Keywords: Limited horizons Observation Communication Connections;

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References

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  1. A. Rubinstein & A. Wolinsky, 2010. "Rationalizable Conjectural Equilibrium: Between Nash and Rationalizability," Levine's Working Paper Archive 369, David K. Levine.
  2. Drew Fudenberg & David K. Levine, 1993. "Self-Confirming Equilibrium," Levine's Working Paper Archive 2147, David K. Levine.
  3. McBride, Michael, 2006. "Imperfect monitoring in communication networks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 97-119, January.
  4. Andrea Galeotti & Sanjeev Goyal & Jurjen Kamphorst, 2003. "Network Formation with Heterogeneous Players," Economics Discussion Papers 562, University of Essex, Department of Economics.
  5. Mario Gilli, 1999. "On Non-Nash Equilibria," Levine's Working Paper Archive 2084, David K. Levine.
  6. McBride Michael, 2006. "Limited Observation in Mutual Consent Networks," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 6(1), pages 1-29, August.
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Citations

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Cited by:
  1. Hans Haller & Sudipta Sarangi, 2003. "Nash Networks with Heterogeneous Agents," Discussion Papers of DIW Berlin 337, DIW Berlin, German Institute for Economic Research.
  2. Goeree, Jacob K. & Riedl, Arno & Ule, Aljaz, 2005. "In Search of Stars: Network Formation among Heterogeneous Agents," IZA Discussion Papers 1754, Institute for the Study of Labor (IZA).
  3. Pascal Billand & Christophe Bravard & Sudipta Sarangi, 2011. "Resources Flows Asymmetries in Strict Nash Networks with Partner Heterogeneity," Post-Print halshs-00574256, HAL.
  4. Matthew O. Jackson, 2003. "A survey of models of network formation: Stability and efficiency," Working Papers 1161, California Institute of Technology, Division of the Humanities and Social Sciences.
  5. Sanjeev Goyal, 2003. "Learning in Networks: a survey," Economics Discussion Papers 563, University of Essex, Department of Economics.
  6. Gilles, R.P. & Sarangi, S., 2003. "The Role of Trust in Costly Network Formation," Discussion Paper 2003-53, Tilburg University, Center for Economic Research.
  7. Pascal Billand & Christophe Bravard & Sudipta Sarangi, 2013. "Modeling resource flow asymmetries using condensation networks," Social Choice and Welfare, Springer, vol. 41(3), pages 537-549, September.
  8. Haller, Hans & Sarangi, Sudipta, 2005. "Nash networks with heterogeneous links," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 181-201, September.
  9. Pascal Billand & Christophe Bravard & Sudipta Sarangi, 2011. "Strict Nash networks and partner heterogeneity," International Journal of Game Theory, Springer, vol. 40(3), pages 515-525, August.

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