Local interactions refer to social and economic phenomena where individuals' choices are influenced by the choices of others who are ‘close’ to them socially or geographically. This represents a fairly accurate picture of human experience. Furthermore, since local interactions imply particular forms of externalities, their presence typically suggests government action. I survey and discuss existing theoretical work on economies with local interactions and point to areas for further research.
|Date of creation:||2010|
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- Blume,L.E. & Durlauf,S.N., 2005. "Identifying social interactions : a review," Working papers 12, Wisconsin Madison - Social Systems.
- de Paula, Áureo, 2009.
"Inference in a synchronization game with social interactions,"
Journal of Econometrics,
Elsevier, vol. 148(1), pages 56-71, January.
- Aureo de Paula, 2004. "Inference in a Synchronization Game with Social Interactions," PIER Working Paper Archive 07-017, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, revised 01 May 2007.
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