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Farsighted network formation

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UNSPECIFIED (2005) Farsighted network formation. JOURNAL OF ECONOMIC THEORY, 122 (2). pp. 143-164. doi:10.1016/j.jet.2004.05.001

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Official URL: http://dx.doi.org/10.1016/j.jet.2004.05.001

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Abstract

This paper studies a model of dynamic network formation when individuals are farsighted: players evaluate the desirability of a "current" move in terms of its consequences on the entire discounted stream of payoffs. We define a concept of equilibrium which takes into account farsighted behavior of agents and allows for limited cooperation amongst agents. We show that an equilibrium process of network formation exists. We also show that there are valuation structures in which no equilibrium strategy profile can sustain efficient networks. We then provide sufficient conditions under which the equilibrium process will yield efficient outcomes. (c) 2004 Elsevier Inc. All rights reserved.

Item Type: Journal Article
Subjects: H Social Sciences > HC Economic History and Conditions
Journal or Publication Title: JOURNAL OF ECONOMIC THEORY
Publisher: ACADEMIC PRESS INC ELSEVIER SCIENCE
ISSN: 0022-0531
Official Date: June 2005
Dates:
DateEvent
June 2005UNSPECIFIED
Volume: 122
Number: 2
Number of Pages: 22
Page Range: pp. 143-164
DOI: 10.1016/j.jet.2004.05.001
Publication Status: Published

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