Acquiring Information through Peers
构建了一个内生网络形成模型,其中代理人通过建立连接来获取信息,模型考虑了行动的互补性,均衡时信息结构为层级网络,在弱凸连接成本下形成核心-边缘结构。
We develop an endogenous network formation model, in which agents form connections to acquire information. Our model features complementarity in actions as agents care not only about accuracy of their decision-making but also about the actions of other agents. In equilibrium, the information structure is a hierarchical network, and, under weakly convex cost of forming links, the equilibrium network is core-periphery. Although agents are ex ante identical, there is ex post heterogeneity in payoffs and actions.