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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.
Networks pervade social and economic life, and they play a prominent role in explaining a huge variety of social and economic phenomena. Standard economic theory did not give much credit to the role of networks until the early 1990s, but since then the study of the theory of networks has blossomed. At the heart of this research is the idea that the pattern of connections between individual rational agents shapes their actions and determines their rewards. The importance of connections has in turn motivated the study of the very processes by which networks are formed. In Connections, Sanjeev Goyal puts contemporary thinking about networks and economic activity into context. He develops a general framework within which this body of research can be located. In the first part of the book he demonstrates that location in a network has significant effects on individual rewards and that, given this, it is natural that individuals will seek to form connections to move the network in their favor. This idea motivates the second part of the book, which develops a general theory of network formation founded on individual incentives. Goyal assesses the robustness of current research findings and identifies the substantive open questions. Written in a style that combines simple examples with formal models and complete mathematical proofs, Connections is a concise and self-contained treatment of the economic theory of networks, one that should become the natural source of reference for graduate students in economics and related disciplines.
Networks of relationships help determine the careers that people choose, the jobs they obtain, the products they buy, and how they vote. The many aspects of our lives that are governed by social networks make it critical to understand how they impact behavior, which network structures are likely to emerge in a society, and why we organize ourselves as we do. In Social and Economic Networks, Matthew Jackson offers a comprehensive introduction to social and economic networks, drawing on the latest findings in economics, sociology, computer science, physics, and mathematics. He provides empirical background on networks and the regularities that they exhibit, and discusses random graph-based models and strategic models of network formation. He helps readers to understand behavior in networked societies, with a detailed analysis of learning and diffusion in networks, decision making by individuals who are influenced by their social neighbors, game theory and markets on networks, and a host of related subjects. Jackson also describes the varied statistical and modeling techniques used to analyze social networks. Each chapter includes exercises to aid students in their analysis of how networks function. This book is an indispensable resource for students and researchers in economics, mathematics, physics, sociology, and business.
This book introduces upper-level undergraduates, graduate students, and researchers to the latest developments in network economics, one of the fastest-growing fields in all industrial organization. Network industries include the Internet, e-mail, telephony, computer hardware and software, music and video players, and service operations in the banking, legal, and airlines industries among many others. The work offers an overview of the subject matter as well as investigations about specific industries. It conveys the essential features of how strategic interactions between firms are affected by network activity, as well as covering social interaction and its influence on consumers' choices of products and services. Virtually no calculus is used in the text, and each chapter ends with a series of exercises and selected references. The text may be used for both one- and two-semester courses.
Describes how patterns of information, knowledge, and cultural production are changing. The author shows that the way information and knowledge are made available can either limit or enlarge the ways people create and express themselves. He describes the range of legal and policy choices that confront.
Since the publication of the first edition of Network Economics: A Variational Inequality Approach in 1993, there have been many ad vances in both methodological developments, as well as, applications in this field. These have occurred in an environment of an increasingly networked global economy, in which the importance of transportation networks and communication networks is now well-recognized, with net works such as knowledge networks, environmental networks, and finan cial networks receiving growing attention. This edition adds recent research progress in new and evolving ar eas of network economics through common and unifying principles. In addition, it includes dynamic models of traffic, of spatially separated markets, of oligopolistic markets, and of financial markets. In order to expand the range and reach of this material, we have also included a series of problems in an appendix for self-study purposes and for use in the classroom. We note that computational economics has been at the forefront in stimulating the development of mathematical methodologies for the analysis and solution of complex, large-scale problems. The past fifteen years, in particular, have witnessed a dramatic growth of interest in this area. Supported by the increasing availability of data and by advances in computer architectures, the scale and dimensions of problems that can now be handled are unveiling new horizons in both theoretical modeling and policy analysis.
This textbook on network economics provides essential microeconomic instruments for the analysis of network sectors like telecommunications, transport or energy. Network-specific characteristics emerge both on the cost side and benefit side, requiring network providers to develop innovative entrepreneurial competition strategies for costing, pricing, and investment. From a competition policy perspective, a number of interesting questions arise: In which parts of networks is competition functional? In contrast, where is an abuse of market power to be expected? What is the division of labor between cartel authorities and regulatory agencies? The book develops an analytical framework for all network industries which allows readers to study entrepreneurial strategies as well as regulation and competition policies for network industries.
This book presents the latest findings on network theory and agent-based modeling of economic and financial phenomena. In this context, the economy is depicted as a complex system consisting of heterogeneous agents that interact through evolving networks; the aggregate behavior of the economy arises out of billions of small-scale interactions that take place via countless economic agents. The book focuses on analytical modeling, and on the econometric and statistical analysis of the properties emerging from microscopic interactions. In particular, it highlights the latest empirical and theoretical advances, helping readers understand economic and financial networks, as well as new work on modeling behavior using rich, agent-based frameworks. Innovatively, the book combines observational and theoretical insights in the form of networks and agent-based models, both of which have proved to be extremely valuable in understanding non-linear and evolving complex systems. Given its scope, the book will capture the interest of graduate students and researchers from various disciplines (e.g. economics, computer science, physics, and applied mathematics) whose work involves the domain of complexity theory.
Here is a fresh, intriguing, and, above all, authoritative book about how our sometimes hidden positions in various social structures—our human networks—shape how we think and behave, and inform our very outlook on life. Inequality, social immobility, and political polarization are only a few crucial phenomena driven by the inevitability of social structures. Social structures determine who has power and influence, account for why people fail to assimilate basic facts, and enlarge our understanding of patterns of contagion—from the spread of disease to financial crises. Despite their primary role in shaping our lives, human networks are often overlooked when we try to account for our most important political and economic practices. Matthew O. Jackson brilliantly illuminates the complexity of the social networks in which we are—often unwittingly—positioned and aims to facilitate a deeper appreciation of why we are who we are. Ranging across disciplines—psychology, behavioral economics, sociology, and business—and rich with historical analogies and anecdotes, The Human Network provides a galvanizing account of what can drive success or failure in life.
This book is the first to bring an economics perspective in a rigorous manner to complex decision-making in the management of supply chains. It provides the foundations for the modeling of the interrelationships among decision-makers in supply chains, ranging from manufacturers, distributors, and retailers, to the consumers, assuming individualized behavior. The models handle both competition and cooperation and provide the resulting product flows and prices in the chains. A unique network economics perspective is brought to the issue, setting the book apart from the numerous management and operations research volumes available. After an introduction of the theoretical foundations, the book then extends and applies the theory to energy supply chains in the form of electric power generation and distribution networks. The relationships between electric power supply chains and transportation networks are vividly captured through theoretical results and the solution of practical examples. The book then explores environmental supply chain and financial networks with intermediation, which are interpreted as supply chains and also solved as such. Throughout, the underlying theme is that of transportation networks and how the relationships between supply chain networks and the more established theory of transportation network equilibria can be applied and exploited for logistic-type applications. Economists and transportation researchers will find the book's theory and applications of great interest. Operations researchers and management scientists as well as practitioners in business logistics will be interested in the book's methodological and practical tools.