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The Grass is Always Greener on the Other Side of the Fence: The Effect of Misperceived Signalling in a Network Formation Process

In: Artificial Markets Modeling

Author

Listed:
  • Simone Giansante

    (University of Essex)

  • Alan Kirman

    (Université d’Aix Marseille)

  • Sheri Markose

    (University of Essex)

  • Paolo Pin

    (University of Venice
    ICTP)

Abstract

Social and economic networks are becoming increasingly popular in the last ten years, because of both the application of game theory to the network formation processes4, and the study of stochastic processes that fit the statistical properties of real world social networks.5 In the very recent years there have also been attempts to combine the contribution of these two streams of research, trying to find strategic models whose equilibria resemble the empirical data.6 A well known source of debate in the game theoretical approach is the incompatibility between stability and efficiency: in most of the models Nash equilibria are actually not the network architectures that maximize the overall sum of utilities, as surveyed in Jackson (2003). On the other hand the econophysics approach is not interested in the utility of single nodes but has other measures of efficiency, which are essentially the probabilities of the network to maintain certain properties after random deletion of links or nodes.

Suggested Citation

  • Simone Giansante & Alan Kirman & Sheri Markose & Paolo Pin, 2007. "The Grass is Always Greener on the Other Side of the Fence: The Effect of Misperceived Signalling in a Network Formation Process," Lecture Notes in Economics and Mathematical Systems, in: Andrea Consiglio (ed.), Artificial Markets Modeling, chapter 16, pages 223-234, Springer.
    • Handle: RePEc:spr:lnechp:978-3-540-73135-1_16
    DOI: 10.1007/978-3-540-73135-1_16
    as

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