We consider a non-cooperative model of information networks where communication is costly and not fully reliable. We examine the nature of Nash networks and efficient networks. <p>We find that if the society is large, and link formation costs are moderate, Nash networks as well as efficient...</p>

The authors consider a sequential decision model in which entrepreneurs decide on whether to enter a potential new market. Individual entrepreneurs have private expectations about the new market's viability. Over time, they learn about its viability from their own experience as well as that of...

This paper is concerned with the relationship between a continuous dynamical system and the trajectory generated by such a system. The main result provides necessary and sufficient conditions for an infinite data stream to be rationalized as the output of a continuous law of motion. The paper...

When payoffs from different actions are unknown, agents use their own past experience as well as the experience of their neighbors to guide their decision making. In this paper, the authors develop a general framework to study the relationship between the structure of these neighborhoods and the...