Division of the Humanities and Social Sciences California Institute of Technology Pasadena, California 91125 Strongly Stable Networks
نویسندگان
چکیده
We analyze the formation of networks among individuals. In particular, we examine the existence of networks that are stable against changes in links by any coalition of individuals. We show that to investigate the existence of such strongly stable networks one can restrict focus on a component-wise egalitarian allocation of value. We show that when such strongly stable networks exist they coincide with the set of eÆcient networks (those maximizing the total productive value). We show that the existence of strongly stable networks is equivalent to core existence in a derived cooperative game and use that result to characterize the class of value functions for which there exist strongly stable networks via a \top convexity" condition on the value function on networks. We also consider a variation on strong stability where players can make side payments, and examine situations where value functions may be non-anonymous{depending on player labels. JEL classi cation numbers: A14, C72, C72
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Peter Sokol-Hessner, Colin F. Camerer, and Elizabeth A. Phelps Division of the Humanities and Social Sciences (HSS), California Institute of Technology, Division of the Humanities and Social Sciences (HSS) and Computational and Neural Systems (CNS), California Institute of Technology, 1200 E. California Blvd., Pasadena, CA 91125, USA, and Department of Psychology, New York University, 6 Washing...
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