期刊
AMERICAN ECONOMIC REVIEW
卷 91, 期 3, 页码 485-508出版社
AMER ECONOMIC ASSOC
DOI: 10.1257/aer.91.3.485
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This paper introduces a new model of exchange: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship, a link, to exchange goods. Networks-buyers, sellers, and the pattern of links connecting them-are common exchange environments. This paper develops a methodology to study network structures and explains why agents may form networks. In a model that captures characteristics of a variety of industries, the paper shows that buyers and sellers, acting strategically in their own self-interests, can form the network structures that maximize overall welfare.
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