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

  • McBride, Michael

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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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
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/505565

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  1. Rubinstein Ariel & Wolinsky Asher, 1994. "Rationalizable Conjectural Equilibrium: Between Nash and Rationalizability," Games and Economic Behavior, Elsevier, vol. 6(2), pages 299-311, March.
  2. McBride, Michael, 2006. "Imperfect monitoring in communication networks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 97-119, January.
  3. Mario Gilli, 1999. "On Non-Nash Equilibria," Levine's Working Paper Archive 2084, David K. Levine.
  4. Fudenberg, Drew & Levine, David K, 1993. "Self-Confirming Equilibrium," Econometrica, Econometric Society, vol. 61(3), pages 523-45, May.
  5. 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.
  6. Andrea Galeotti & Sanjeev Goyal & Jurjen Kamphorst, 2003. "Network Formation with Heterogeneous Players," Economics Discussion Papers 562, University of Essex, Department of Economics.
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