AbstractWe model the formation of friendships as repeated cooperation within a set of heterogeneous players. The model builds around three of the most important facts about friendship: friends help each other, there is reciprocity in the relationship and people usually have few friends. In our results we explain how similarity between people affects the friendship selection. We also characterize when the friendship network won’t depend on the random process by which people meet each other. Finally, we explore how players’ patience influences the length of their friendship relations. Our results match and explain empirical evidence reported in social studies on friendship. For instance, our model explains why troublesome subjects have few friends.
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Bibliographic InfoPaper provided by European University Institute in its series Economics Working Papers with number ECO2007/08.
Date of creation: 2007
Date of revision:
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Friendship; cooperative game; grim trigger strategy; social networks;
Other versions of this item:
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
- C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
- Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Social and Economic Stratification
This paper has been announced in the following NEP Reports:
- NEP-ALL-2007-06-23 (All new papers)
- NEP-CBE-2007-06-23 (Cognitive & Behavioural Economics)
- NEP-EVO-2007-06-23 (Evolutionary Economics)
- NEP-GTH-2007-06-23 (Game Theory)
- NEP-LAB-2007-06-23 (Labour Economics)
- NEP-NET-2007-06-23 (Network Economics)
- NEP-SOC-2007-06-23 (Social Norms & Social Capital)
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