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Endogenous Network Formation
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Book Synopsis Endogenous Network Formation by : Rong Rong
Download or read book Endogenous Network Formation written by Rong Rong and published by . This book was released on 2013 with total page 114 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation develops both substantive and methodological themes on the topic of social networks. Substantively, I conduct experimental studies based on the game theoretical models that describe network formation in various settings. Methodologically, I review the procedure of cluster analysis that could be used to discover the nature and the number of behavioral rules used by individuals in network environments.
Book Synopsis Endogenous Network Dynamics by : Frank H. Page
Download or read book Endogenous Network Dynamics written by Frank H. Page and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In all social and economic interactions, individuals or coalitions choose not only with whom to interact but how to interact, and over time both the structure (the "with whom") and the strategy ("the how") of interactions change. Our objectives here are to model the structure and strategy of interactions prevailing at any point in time as a directed network and to address the following open question in the theory of social and economic network formation: given the rules of network and coalition formation, the preferences of individuals over networks, the strategic behavior of coalitions in forming networks, and the trembles of nature, what network and coalitional dynamics are likely to emergence and persist. Our main contributions are (i) to formulate the problem of network and coalition formation as a dynamic, stochastic game, (ii) to show that this game possesses a stationary correlated equilibrium (in network and coalition formation strategies), (iii) to show that, together with the trembles of nature, this stationary correlated equilibrium determines an equilibrium Markov process of network and coalition formation which respects the rules of network and coalition formation and the preferences of individuals, and (iv) to show that, although uncountably many networks may form, this endogenous process of network and coalition formation possesses a nonempty finite set of ergodic measures and generates a finite, disjoint collection of nonempty subsets of networks and coalitions, each constituting a basin of attraction. Moreover, we extend to the setting of endogenous Markov dynamics the notions of pairwise stability (Jackson-Wolinsky, 1996), strong stability (Jackson-van den Nouweland, 2005), and Nash stability (Bala-Goyal, 2000), and we show that in order for any network-coalition pair to be stable (pairwise, strong, or Nash) it is necessary and sufficient that the pair reside in one of finitely many basins of attraction - and hence reside in the support of an ergodic measure. The results we obtain here for endogenous network dynamics and stochastic basins of attraction are the dynamic analogs of our earlier results on endogenous network formation and strategic basins of attraction in static, abstract games of network formation (Page and Wooders, 2008), and build on the seminal contributions of Jackson and Watts (2002), Konishi and Ray (2003), and Dutta, Ghosal, and Ray (2005).
Book Synopsis Endogenous Network Formation in Local Public Goods by : Ying Chen
Download or read book Endogenous Network Formation in Local Public Goods written by Ying Chen and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We experimentally explore public good production levels, and the endogenous formation of network structures to facilitate output sharing, among agents with heterogeneous production costs or valuations. Results corroborate the key theoretical insights of Kinateder & Merlino (2017) characterizing how agents form core-periphery networks. However, subjects often produce more and form denser networks than predicted, which sometimes reduces efficiency. There is some tendency for behaviour to converge towards the theoretical equilibrium over repeated play. Our results help us understand the emergence of the "law of the few" in real-world networks, and suggest it is driven by endogenous sorting of heterogeneous agents.
Book Synopsis Risk Sharing and Endogenous Network Formation by : Joachim de Weerdt
Download or read book Risk Sharing and Endogenous Network Formation written by Joachim de Weerdt and published by . This book was released on 2002 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Network Formation in Patent Contests and Its Role as a Barrier to Entry by : Marco Marinucci
Download or read book Endogenous Network Formation in Patent Contests and Its Role as a Barrier to Entry written by Marco Marinucci and published by . This book was released on 2009 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Network Formation and the Provision of a Public Good by : Peter Herman
Download or read book Endogenous Network Formation and the Provision of a Public Good written by Peter Herman and published by . This book was released on 2015 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: The way people form groups when facing a coordination problem poses an economically interesting question. This paper addresses the issue of what type of clubs are formed when players must participate in a public goods game with the other players belonging to their selected club. A sequential two-stage approach is used to separate network formation decisions and public goods decisions and apply farsighted stability to characterize the network structures that emerge and persist as a result of this sequence of stages. Criteria are established based on the player size and network parameters for determining the outcomes belonging to two types of stable solution sets: basins of attraction and the path dominance core. Both solution sets provide predictions for the types of clubs that will form within the defined framework.
Book Synopsis Network Formation with Endogenous Decay by :
Download or read book Network Formation with Endogenous Decay written by and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Network Formation and Resource Interactions by : Sungho Kim
Download or read book Endogenous Network Formation and Resource Interactions written by Sungho Kim and published by . This book was released on 2012 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This dissertation consists of three essays that study the implications of the reciprocity between interfirm networks and governance choice and the interactions between resource stocks for organizational governance, interfirm network evolution, and corporate strategy. The first essay examines the impact of organizational governance choice on interfirm networks. Interfirm networks literature in strategy has exerted significant influence on organizational governance literature, by finding the roles of social mechanisms, which are embedded in the networks of interfirm relations, in economic exchanges. However, according to the findings of this study, apparently significant impact of networks on governance is in fact a manifestation of the impact of governance on networks, under certain conditions. Using transaction cost economic, resource based theory, and network theory, this study identifies such boundary conditions by linking exchange conditions, which determine organizational governance choice, with network constructs such as tie strength, network centrality, and clustering. The second essay looks at the determinants of the value of combined resource stocks, primarily from resource attribute level and from dyad and industry structure levels of analysis. In addition, this study examines the implications of sub-additivity in resource combination for M and A and the resource based view. Previous research has generally assumed additivity or super-additivity in resource combinations. This study argues that the value of the firm can diminish substantially due to irrecoverable overlaps between the combining firms' resources. This research identifies intra- and inter-firm transferability (i.e., fungibility and tradability) of firm resources as key conditions under which value can be destroyed in resource combinations. The counter-intuitive implications of our study help re-interpret the previous mixed empirical findings in the M and A literature. The third essay examines heterogeneity in governance choice, from a network based view. Whereas previous studies on network embeddedness found the existence of social mechanisms in economic exchanges, those are silent about the heterogeneity in governance choices shaped by network conditions. Once a causal link from governance to networks is considered, governance heterogeneity becomes an important issue. This research provides empirical findings that network attributes, such as network centrality similarity and network cluster co-location, determine the choice between alliance and M and A governance. Furthermore, this study finds evidence that indicates that only when resource based and network based perspectives are deployed together, non-biased analyses of governance choice are ensured. From methodology standpoint, the first essay develops a formal model of endogenous network formation and governance choice and the second essay a formal model of resource combinations. The first and second essays deploy agent based simulation methodology, and the third essay uses statistical analyses with field data.
Book Synopsis Endogenous Market Making and Network Formation by :
Download or read book Endogenous Market Making and Network Formation written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Network Formation and Informal Institutions in Village Economics by : Pramila Krishnan
Download or read book Endogenous Network Formation and Informal Institutions in Village Economics written by Pramila Krishnan and published by . This book was released on 2004 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Market Making and Network Formation by : Briana Chang
Download or read book Endogenous Market Making and Network Formation written by Briana Chang and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Endogenous Network Formation in Congress by : Nathan Canen
Download or read book Endogenous Network Formation in Congress written by Nathan Canen and published by . This book was released on 2016 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract: This paper presents and structurally estimates a model of endogenous network formation and legislative activity of career-motivated politicians. Employing data on socialization and legislative effort of members of the 105th-110th U.S. Congresses, our model reconciles a set of empirical regularities, including: recent trends in Congressional productivity; the complementarity of socialization processes and legislative activities in the House of Representatives; substantial heterogeneity across legislators in terms of effort and success rate in passing specific legislation. We avoid taking the social structure of Congress as exogenously given and instead embed it in a model of endogenous network formation useful for developing relevant counterfactuals, including some pertinent to the congressional emergency response to the 2008-09 financial crisis. Our counterfactual analysis further demonstrates how to empirically identify the specific equilibrium at play within each Congress among the multiple equilibria typically present in this class of games
Book Synopsis Contagious Herding and Endogenous Network Formation in Financial Networks by : Co-Pierre Georg
Download or read book Contagious Herding and Endogenous Network Formation in Financial Networks written by Co-Pierre Georg and published by . This book was released on 2014 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 'The Company We Keep by : Yijun Chen
Download or read book 'The Company We Keep written by Yijun Chen and published by . This book was released on 2020 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Online connectivity and other technologies provide academic researchers and practitioners with unprecedented access to data on social interactions between consumers in the process of adoption and consumption of products, services, and ideas. In many cases, the social connections that can be recovered from such data are fundamentally endogenous. This paper addresses the endogeneity in social connections in empirical measurement of peer effects in customer churn. Understanding peer effect in churn decisions is of paramount importance in many industries where products or services are consumed in a socially connected manner, both online and offline, as lost customers hurt revenue streams and are expensive to replenish. Equipped with knowledge of causality, managers can craft effective retention campaigns. To tackle the peer network endogeneity issue, we directly model the process of social network formation based on observed consumer interactions during product use. After accounting for the choice of peers, we model the interdependence of agents' churn decisions and estimate the causal peer effect in churn. Modeling the network formation process first allows us to recover the unobserved individual-specific parameters that might affect both peer network formation and individuals' decisions to churn. The recovered latent individual-specific parameters correct for tie endogeneity in the peer effect model. We use data from the popular massively multiplayer online game World of Warcraft. We find significant evidence of the network formation outcome being largely explained by the latent characteristics of gamers. We also find a strong peer effect in churn decisions after controlling for the network endogeneity. Based on our estimation results, we run counterfactual simulation studies to investigate how churn dynamic in the network is affected by composition of gamers that determines the generated network structure. We provide recommendations to inform a company's policy of inducing formation of guilds that suffer less from peer effect in churn.
Book Synopsis Contagious Synchronization and Endogenous Network Formation in Financial Networks by : Christoph Aymanns
Download or read book Contagious Synchronization and Endogenous Network Formation in Financial Networks written by Christoph Aymanns and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: When banks choose similar investment strategies the financial system becomes vulnerable to common shocks. We model a simple financial system in which banks decide about their investment strategy based on a private belief about the state of the world and a social belief formed from observing the actions of peers. Observing a larger group of peers conveys more information and thus leads to a stronger social belief. Extending the standard model of Bayesian updating in social networks, we show that the probability that banks synchronize their investment strategy on a state non-matching action critically depends on the weighting between private and social belief. This effect is alleviated when banks choose their peers endogenously in a network formation process, internalizing the externalities arising from social learning.
Book Synopsis The Oxford Handbook of the Economics of Networks by : Yann Bramoullé
Download or read book The Oxford Handbook of the Economics of Networks written by Yann Bramoullé and published by Oxford University Press. This book was released on 2016-03-01 with total page 857 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of the Economics of Networks represents the frontier of research into how and why networks they form, how they influence behavior, how they help govern outcomes in an interactive world, and how they shape collective decision making, opinion formation, and diffusion dynamics. From a methodological perspective, the contributors to this volume devote attention to theory, field experiments, laboratory experiments, and econometrics. Theoretical work in network formation, games played on networks, repeated games, and the interaction between linking and behavior is synthesized. A number of chapters are devoted to studying social process mediated by networks. Topics here include opinion formation, diffusion of information and disease, and learning. There are also chapters devoted to financial contagion and systemic risk, motivated in part by the recent financial crises. Another section discusses communities, with applications including social trust, favor exchange, and social collateral; the importance of communities for migration patterns; and the role that networks and communities play in the labor market. A prominent role of networks, from an economic perspective, is that they mediate trade. Several chapters cover bilateral trade in networks, strategic intermediation, and the role of networks in international trade. Contributions discuss as well the role of networks for organizations. On the one hand, one chapter discusses the role of networks for the performance of organizations, while two other chapters discuss managing networks of consumers and pricing in the presence of network-based spillovers. Finally, the authors discuss the internet as a network with attention to the issue of net neutrality.
Book Synopsis Network Formation and Systemic Risk by : Selman Erol
Download or read book Network Formation and Systemic Risk written by Selman Erol and published by . This book was released on 2018 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper introduces a model of endogenous network formation and systemic risk. In it, agents form networks that efficiently trade-off the possibility of systemic risk with the benefits of trade. Second, fundamentally 'safer' economies generate higher interconnectedness, which in turn leads to higher systemic risk. Third, the structure of the network formed depends on whether the shocks to the system are believed to be correlated or independent of each other. In particular, when shocks are perfectly correlated, the network formed is a complete graph, i.e., a link between every pair of agents. This underlines the importance of specifying the shock structure before investigating a given network because a given network and shock structure could be incompatible.
