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1、Networks:GamesoverNetworksandPeerEectsDaronAcemogluMITJuly22,2014.DaronAcemoglu(MIT)NetworksJuly22,2014.1/49GamesoverNetworksandPeerEectsIntroductionIntroductionThepotentialimportanceofvariousdierenttypesofexternalities(e.g.,humancapitalexternalities)an
2、dpeereectsarewellrecognized.Agrowingempiricalliteratureinvestigatestheextentofsucheectsindierentcontexts.Networksgiveapowerfullanguageforthesystematictheoreticalandempiricalinvestigationofsuchexternalities.Butevenmoreimportantly,theendogeneity(andtheass
3、ociatedidentication)challengescanbebestunderstoodbyconsideringeconomicdecisionsinanetworksetting.Finally,network-basedapproachescanalsoclarifyandhelptheempiricalchallengesinthisarea.DaronAcemoglu(MIT)NetworksJuly22,2014.2/49GamesoverNetworksandPeerEectsP
4、lanPlanNetworksandexternalities.Gamesovernetworksandpeereects".Identicationproblems".Empiricalapproaches.Application.Whathasbeenleftoutofthislecture:endogenousnetworkformationandempiricalimplications.Conclusion.DaronAcemoglu(MIT)NetworksJuly22,2014.3/4
5、9GamesoverNetworksandPeerEectsNetworksandExternalitiesNetworksandExternalitiesConsidertheproblemofhumancapitalexternalities.Butwhocreatesexternalitiesonwhom?1Lucas(JournalofMonetaryEconomics,1988):humancapitalexternalitiesfromeachworkertoeverybodyelse.2Ma
6、rshall(PrinciplesofEconomics,1920):humancapitalexternalitiesfromworkerstoothersinthesamelocationandindustry.3JaneJacobs(TheEconomyoftheCity,1970):humancapitalexternalitieswithincities,andinhermorespecicversion,betweenmanagersindierentindustrieswithinthes
7、amecity.4Rauch(JournalofUrbanEconomics,1993):humancapitalexternalitieswithincitiesacrossworkers.AcemogluandAngrist(NBERMacroeconomicsAnnual,2002),Moretti(JournalofEconometrics,2004):humancapitalexternalitieswithinstatesacrossworkers.5etc.Thelanguageofnetwo
8、rksusefulforrepresentingandthinkingabouttheseissues.DaronAcemoglu(MIT)NetworksJuly22,2014.4/49GamesoverNetworksandPeerEectsNetworksandExternalitiesNetworkRepresentationConsiderthefollowingreduced-formmodelin