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The B.E. Journal of Theoretical Economics

Editor-in-Chief: Schipper, Burkhard

Ed. by Fong, Yuk-fai / Peeters, Ronald / Puzzello , Daniela / Rivas, Javier / Wenzelburger, Jan

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Limited Observation in Mutual Consent Networks

Michael McBride
Published Online: 2006-08-04 | DOI: https://doi.org/10.2202/1534-5963.1314

This paper studies mutual consent social networks in which individuals imperfectly monitor others' network ties and have incomplete information about the benefits of network participation. I introduce the Conjectural Pairwise Stability concept, which generalizes Jackson and Wolinsky's (1996) Pairwise Stability concept to allow for limited observation, and apply it to a specific mutual consent network formation game. While limited observation generally leads to the existence of less efficient stable networks, I find that it can also lead to the existence of efficient stable networks. Moreover, stability restrictions considered in previous work lose their refining power as observation becomes more limited.

Keywords: uncertainty; information; efficiency; observation

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Published Online: 2006-08-04

Citation Information: Advances in Theoretical Economics, Volume 6, Issue 1, Pages 1–29, ISSN (Online) 1534-5963, DOI: https://doi.org/10.2202/1534-5963.1314.

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