Unequal connections
نویسندگان
چکیده
Connections seem to matter both at the individual level, in terms how well a person, a firm, or a country does, as well as for the aggregate performance of the system. The advantages that accrue from connections suggest that individuals will find it attractive to invest in forming links with others. Individual connections typically have spillovers on other players. These considerations lead us to develop a strategic model of link formation. We prove existence and characterize the architecture of equilibrium networks. We find that strategic link formation has powerful effects and equilibrium networks display classical patterns: they are stars, consist of mutually exclusive groups or are symmetric graphs. Our results help us in identifying the combination of spillovers which give rise to networks with unequal connections. The paper also presents some applications to illustrate the scope of the analysis. ∗Department of Economics, University of Essex, and Econometric Institute, Erasmus University, 3000 DR Rotterdam. E-mail: [email protected] †Department of Economics, 624 Funger Hall, George Washington University, 2201 G Street N.W., Washington D.C. 20052. E-mail: [email protected] We thank Paul Belleflamme, Bryan Boulier, Yann Bramoulle, Danilo Coelho, Bob Evans, Philippe Jehiel, Marco van der Leij, Michael McBride, John Moore, Hamid Sabourian and Jozsef Sakovics for useful comments. We would also like to thank the organizers and participants of different seminars where the paper has been presented.
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عنوان ژورنال:
- Int. J. Game Theory
دوره 34 شماره
صفحات -
تاریخ انتشار 2006