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Extracting deep information from limited observations on an evolved social network

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  • Ormerod, Paul

Abstract

We provide empirical evidence that in a social network which evolves over time, it is possible to extract deep information about the system from limited observations. In this paper, we consider a simple piece of readily available evidence on access to financial services by individuals in the UK. Detailed statistical analysis has shown that the decisions of agents on whether or not to have a basic financial account such as a bank account is heavily influenced by other individuals on their social network. We consider a small amount of straightforward and readily accessible information. We deduce from this, using an agent-based model, the type of social network across which information and influence on behaviour flows between agents in this context. Specifically, we show that information appears to flow across a small world network.

Suggested Citation

  • Ormerod, Paul, 2007. "Extracting deep information from limited observations on an evolved social network," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 378(1), pages 48-52.
    • Handle: RePEc:eee:phsmap:v:378:y:2007:i:1:p:48-52
    DOI: 10.1016/j.physa.2006.11.044
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    References listed on IDEAS

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    1. Barabási, Albert-László & Albert, Réka & Jeong, Hawoong, 2000. "Scale-free characteristics of random networks: the topology of the world-wide web," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 281(1), pages 69-77.
    2. Ormerod, Paul & Roach, Andrew P, 2004. "The Medieval inquisition: scale-free networks and the suppression of heresy," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 339(3), pages 645-652.
    3. Pamela Meadows & Paul Ormerod & William Cook, 2004. "Social Networks: Their Role in Access to Financial Services in Britain," National Institute Economic Review, National Institute of Economic and Social Research, vol. 189(1), pages 99-109, July.
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    Cited by:

    1. Jason Potts & Stuart Cunningham & John Hartley & Paul Ormerod, 2008. "Social network markets: a new definition of the creative industries," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 32(3), pages 167-185, September.
    2. LaViolette, Randall A. & Glass, Kristin & Colbaugh, Richard, 2009. "Deep information from limited observation of robust yet fragile systems," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 388(17), pages 3283-3287.

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