The Economics of Small Worlds
We examine a simple economic model of network formation where agents benefit from indirect relationships. We show that small-world features - -- short path lengths between nodes together with highly clustered link structures --- necessarily emerge for a wide set of parameters.
References listed on IDEAS
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- Galeotti, Andrea & Goyal, Sanjeev & Kamphorst, Jurjen, 2003.
"Network Formation with Heterogeneous Players,"
Economics Discussion Papers
2996, University of Essex, Department of Economics.
- Matthew O. Jackson & Asher Wolinsky, 1995.
"A Strategic Model of Social and Economic Networks,"
1098R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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