We 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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- Jackson, Matthew O. & Wolinsky, Asher, 1996.
"A Strategic Model of Social and Economic Networks,"
Journal of Economic Theory,
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- Matthew O. Jackson & Asher Wolinsky, 1994. "A Strategic Model of Social and Economic Networks," Discussion Papers 1098, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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"Network Formation and Social Coordination,"
481, Queen Mary University of London, School of Economics and Finance.
- Chwe, Michael Suk-Young, 2000. "Communication and Coordination in Social Networks," Review of Economic Studies, Wiley Blackwell, vol. 67(1), pages 1-16, January.
- Venkatesh Bala & Sanjeev Goyal, 2000. "A Noncooperative Model of Network Formation," Econometrica, Econometric Society, vol. 68(5), pages 1181-1230, September.
- Lippert, Steffen & Spagnolo, Giancarlo, 2005.
"Networks of Relations and Social Capital,"
CEPR Discussion Papers
5078, C.E.P.R. Discussion Papers.
- Lippert, Steffen & Spagnolo, Giancarlo, 2011. "Networks of relations and Word-of-Mouth Communication," Games and Economic Behavior, Elsevier, vol. 72(1), pages 202-217, May.
- Spagnolo, Giancarlo & Lippert, Steffen, 2004. "Networks of Relations," SSE/EFI Working Paper Series in Economics and Finance 570, Stockholm School of Economics, revised 03 May 2005.
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