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

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  • Michael McBride

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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Paper provided by David K. Levine in its series Levine's Working Paper Archive with number 506439000000000265.

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Date of creation: 06 Feb 2003
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Handle: RePEc:cla:levarc:506439000000000265

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  1. Fudenberg, D. & Levine, D.K., 1991. "Self-Confirming Equilibrium ," Working papers 581, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Mario Gilli, 1999. "On Non-Nash Equilibria," Levine's Working Paper Archive 2084, David K. Levine.
  3. 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.
  4. A. Rubinstein & A. Wolinsky, 2010. "Rationalizable Conjectural Equilibrium: Between Nash and Rationalizability," Levine's Working Paper Archive 369, David K. Levine.
  5. McBride, Michael, 2006. "Imperfect monitoring in communication networks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 97-119, January.
  6. Galeotti, Andrea & Goyal, Sanjeev & Kamphorst, Jurjen, 2006. "Network formation with heterogeneous players," Games and Economic Behavior, Elsevier, vol. 54(2), pages 353-372, February.
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Cited by:
  1. Matthew O. Jackson, 2003. "A Survey of Models of Network Formation: Stability and Efficiency," Game Theory and Information 0303011, EconWPA.
  2. Goeree,Jacob K. & Riedl,Arno & Ule,Aljaz, 2005. "In Search of Stars: Network Formation among Heterogeneous Agents," Research Memorandum 032, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  3. Gilles, R.P. & Sarangi, S., 2003. "The Role of Trust in Costly Network Formation," Discussion Paper 2003-53, Tilburg University, Center for Economic Research.
  4. Sanjeev Goyal, 2003. "Learning in Networks: a survey," Economics Discussion Papers 563, University of Essex, Department of Economics.
  5. Haller, Hans & Sarangi, Sudipta, 2005. "Nash networks with heterogeneous links," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 181-201, September.
  6. Hans Haller & Sudipta Sarangi, 2003. "Nash Networks with Heterogeneous Agents," Discussion Papers of DIW Berlin 337, DIW Berlin, German Institute for Economic Research.
  7. 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.
  8. Pascal Billand & Christophe Bravard & Sudipta Sarangi, 2011. "Resources Flows Asymmetries in Strict Nash Networks with Partner Heterogeneity," Post-Print halshs-00574256, HAL.
  9. 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.

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