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Published April 2005 | Published
Journal Article Open

The Economics of Small Worlds

Abstract

We examine a simple economic model of network formation where agents benefit from indirect relationships. We show that small-world features—short path lengths between nodes together with highly clustered link structures—necessarily emerge for a wide set of parameters.

Additional Information

© 2005 European Economic Association Posted Online March 13, 2006. Financial support under NSF Grant no. SES-0316493 is gratefully acknowledged, as is support from the Lee Center for Advanced Networking and a SISL/IST fellowship. We thank Fernando Vega-Redondo for the opportunity to present in this session and, along with Matthias Dahm and an anonymous referee, for comments on an earlier version of this paper.

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