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Faculty of Economics

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Economic activity takes place at the intersection of the global (large firms, international markets and the state) and the local (the overlapping neighbourhoods of friends, family and colleagues, buyers and suppliers). Networks offer a framework that combines local interactions within large interconnected populations.

Cambridge economists working on networks constitute one of the strongest cluster of researchers in this field, anywhere in the world. The group is distinctive its broad expertise that covers theory, experiments (field, laboratory and online) and statistical analyses with Big Data. The group collaborates extensively across disciplines - with computer scientists, engineers, statisticians, physicists and social psychologists.

This research cluster has four themes:

  1. The dynamics of networks
    This theme examines topical problems such as technological innovation, financial contagion, cybersecurity, disease epidemics, supply chain disruptions and international conflict.

  2. Community, Markets and the State
    Here we look at how traditional communities shape the behaviour of individuals and groups in a modern economy. This work has important implications for the optimal design of development policy.

  3. Networked Production
    Combining theory with large-scale datasets on firm-to-firm trade and new empirical methods in computer science, statistics and applied maths, we study the propagation and amplification of firm and industry specific shocks, the diffusion of technology, and the impact of market power on growth.

  4. Public Policy in a Network Economy
    This theme examines the problem of a policy maker intervening in an economic network to attain a collective goal such as reduction in macroeconomic volatility, improving school pupil performance, and maximizing consumer surplus.

Professor Vasco Carvalho
Professor of Macroeconomics
Director of Cambridge-INET

Research Interests
Macroeconomics; Networks in Economics; Applied Econometrics

Dr Matthew Elliott
University Reader

Research Interests
Networked Markets; Network Games; Bargaining; Cascades on Networks; Search; Matching


Dr Edoardo Gallo
University Lecturer

Research Interests
Experimental economics, networks

Professor Sanjeev Goyal
Professor of Economics

Research Interests
Economic Theory, Networks.


Dr Koen Jochmans
University Reader

Research Interests
Econometric Theory, Microeconometrics

Dr Frederic Moisan
Research Associate

Research Interests
Behavioral Economics, Experimental Economics, Social & Economic Networks


Sihua Ding
PhD Student

Title: Essays on Network Formation

Research Interests
Microeconomic Theory, Economics of Networks, Industrial Organization

Jörg Kalbfuss
PhD Student

Title: Socio-Economic Stratification & Conflict


Alan Walsh
PhD Student

Title: Network Formation: Theory and Applications

 

Current Visitors


Gurbachan Singh
Indian Statistical Institute, Delhi Centre

Research
Macro-Financial Stability; the interface between Financial Economics and Macroeconomics.

Visiting between:
(29 Jul 2019 - 04 Aug 2019)

Host: Sanjeev Goyal

and Cambridge-INET

Prof Syngjoo Choi
Seoul National University

Research
Experimental Economics, Behavioral Economics

Visiting between:
(29 Jul 2019 - 04 Aug 2019)

Host: Sanjeev Goyal

and Cambridge-INET


Dr Chen Wang
University of Hong Kong

Research
Time Series Analysis, High-dimensional Data Analysis

Visiting between:
(01 Jul 2019 - 31 Dec 2019)

Host: Alexey Onatskiy

and Cambridge-INET

Dr Romans Pancs
Assistant Professor, Instituto Tecnológico Autónomo de México (ITAM)

Visiting between:
(25 May 2019 - 26 Jun 2019)

Host: Sanjeev Goyal

and Cambridge-INET


Dr Junjie Zhou
National University of Singapore

Research
Economics of networks, IO, Game Theory

Visiting between:
(25 May 2019 - 02 Jun 2019)

Host: Sanjeev Goyal

and Cambridge-INET

Prof Georg Noeldeke
University of Basel

Research
Microeconomic Theory, Game Theory, and Social Evolution

Visiting between:
(19 May 2019 - 23 May 2019)

Host: Matthew Elliott

and Cambridge-INET


Dr Marco van der Leij
University of Amsterdam

Research
Economics of Networks

Visiting between:
(09 May 2019 - 10 May 2019)

Host: Sanjeev Goyal

and Cambridge-INET

Prof Patrick Legros
Universite Libre de Bruxelles

Research
Theory of contracts, Microeconomics, Industrial organization, Competition policy and regulation

Visiting between:
(01 Mar 2019 - 08 Mar 2019)

Host: Sanjeev Goyal

and Cambridge-INET


Dr Selman Erol
Tepper School of Business, Carnegie Mellon University

Research
Economic theory, Financial networks, and Network formation

Visiting between:
(21 Feb 2019 - 04 Mar 2019)

Host: Sanjeev Goyal

and Cambridge-INET

Prof Larry Samuelson
A. Douglas Melamed Professor of Economics; Director, Cowles Foundation

Research
Microeconomic theory, Game theory, Repeated games, Evolutionary foundations of economic behavior

Visiting between:
(08 Jan 2019 - 26 Jun 2019)

Host: Sanjeev Goyal

and Cambridge-INET


Paul Seabright
Toulouse School of Economics

Research
Microeconomic theory, Theory of organisation, Industrial and competition policy, Development economics, Transition economics

Visiting between:
(21 Oct 2018 - 28 Oct 2018)

Host: Sanjeev Goyal

and Cambridge-INET

Prof Syngjoo Choi
Seoul National University

Research
Experimental Economics, Behavioral Economics

Visiting between:
(31 Aug 2018 - 30 Jun 2019)

Host: Sanjeev Goyal

and Cambridge-INET


Marcin Dziubinski
Warsaw University

Visiting between:
(03 Jun 2018 - 17 Jun 2018)

Host: Sanjeev Goyal

and Cambridge-INET

Muhamet Yildiz
MIT

Visiting between:
(20 May 2018 - 17 Jun 2018)

Host: Sanjeev Goyal

and Cambridge-INET


Yiging Xing
John Hopkins University, Carey School of Business

Research
Social and Economic Networks, Mechanism Design, Microeconomics Theory

Visiting between:
(11 May 2018 - 16 Jun 2018)

Host: Sanjeev Goyal

and Cambridge-INET

Ruochen Dai
Peking University

Visiting between:
(01 May 2018 - 15 Jun 2018)

Host: Kaivan Munshi

and Cambridge-INET


Dilip Mookherjee
Boston University

Research
Development, Inequality, Organization Theory

Visiting between:
(01 May 2018 - 15 Jun 2018)

Host: Kaivan Munshi

and Cambridge-INET

Prof Gabrielle Demange
Paris School of Economics

Research
Digital Economy, Game Theory, Risk, Financial Markets and Insurance, Social and Economic Network

Visiting between:
(30 Apr 2018 - 25 May 2018)

Host: Sanjeev Goyal

and Cambridge-INET


Dr Lorenzo Ductor
Middlesex University

Visiting between:
(18 Apr 2018 - 20 Apr 2018)

Host: Sanjeev Goyal

and Cambridge-INET

Dr Marco van der Leij
University of Amsterdam

Research
Economics of Networks

Visiting between:
(18 Apr 2018 - 21 Apr 2018)

Host: Sanjeev Goyal

and Cambridge-INET


 
 

Published Papers


A network approach to public goods
Elliott, M. and Golub, B., (2018), accepted, Journal of Political Economy

Decentralized Bargaining in Matching Markets: Efficient Stationary Equilibria and the Core
Elliott, M. and Nava, F., (2018), Theoretical Econoimcs, forthcoming


Individual security, contagion, and network design
Cerdeiro, D.A., Dziubinski, M. and Goyal, S., (2017), Journal of Economic Theory

How do you defend a network?
Dziubinski, M. and Goyal, S., (2017), Theoretical Economics


Trading in Networks: Theory and Experiments
Choi, S., Galeotti, A and Goyal, S., (2017), Journal of the European Economic Association

Networks, markets and inequality
Gagnon, J. and Goyal, S., (2017), American Economic Review


Semiparametric Analysis of Network Formation
Jochmans, K. , (2017), Journal of Business and Economic Statistics

Information Acquisition and Exchange in Social Networks
Goyal, S., Rosenkranz, S., Weitzel, U. and Buskens, V., (2017), The Economic Journal


Whatever it takes to win: Rivalry increases unethical behaviorr
Kilduff, G., Galinksy, A., Gallo, E. and Reade, J., (2016), Academy of Management Journal

Networks and misallocation: insurance, migration, and the rural-urban wage gap
Munshi, K. and Rosenzweig, M., (2016), American Economic Review


Network Cognition
Dessi, R., Gallo, E. and Goyal, S., (2016), Journal of Economic Behavior and Organization

The effects of reputational and social knowledge on cooperation
Gallo, E. and Yan, C., (2015), Proceedings of the National Academy of Sciences


Inefficiencies in networked markets
Elliott, M., (2015), American Economic Journal: Microeconomics

Social learning by chit-chat
Gallo, E., (2014), Journal of Economic Theory


Social networks and research output
Ductor, L., Fafchamps, M., Goyal, S. Van Der Leij, M., (2014), Review of Economics and Statistics

Attack, defence and contagion in networks
Goyal, S. and Vigier, A., (2014), Review of Economic Studies


Competitive contagion in networks
Goyal, S., Heidari, H. and Kearns, M., (2014), Games and Economic Behavior

From micro to macro via production networks
Carvalho, V. M., (2014), Journal of Economic Perspectives


Financial networks and contagion
Elliott, M., Golub, B. and Jackson, M.O., (2014), American Economic Review

Network design and defence
Dziubinski, M. and Goyal, S., (2013), Games and Economic Behavior


Small world networks with segregation patterns and brokers
Gallo, E., (2012), Review of Network Economics

Strength in numbers: Networks as a solution to occupational traps
Munshi, K., (2011), Review of Economic Studies


Network games
Galeotti, A. , Goyal, S. Jackson, M. O. , Vega-Redondo, F. and Yariv, L., (2010), Review of Economic Studies

Matching and network effects
Fafchamps, M., van der Leij, M. J. and Goyal, S., (2010), Journal of the European Economic Association


 
 

Cambridge Working Papers in Economics


Walsh, A. M. Games on Multi-Layer Networks, (2019) CWPE1954
Cardoso, F. M., Gracia-Lázaro, C., Moisan, F., Goyal, S., Sánchez, A. and Moreno, Y. Trading in Complex Networks, (2019) CWPE1953
Choi, S., Goyal, S. and Moisan, F. Connectors and Influencers, (2019) CWPE1935
Elliott, M. and Golub, B. A Network Approach to Public Goods, (2018) CWPE1813
Goyal, S. Heterogeneity and Networks, (2018) CWPE1812
Galeotti, A., Golub, B. and Goyal, S. Targeting Interventions in Networks, (2017) CWPE1744
Goyal, S. Networks and Markets, (2016) CWPE1652
Goyal, S., Rosenkranz, S., Weitze, U. and Buskens, V. Information Acquisition and Exchange in Social Networks, (2015) CWPE1566
Dziubinski, M., Goyal, S. and Vigier, A. Conflict and Networks, (2015) CWPE1565
Munshi, K. and Rosenzweig, M. Networks and Misallocation: Insurance, Migration, and the Rural-Urban Wage Gap, (2015) CWPE1562
Choi, S., Gallo, E. and Kariv, S. Networks in the laboratory, (2015) CWPE1551
Carvalho, V. M. and Voigtländer, N. Input Diffusion and the Evolution of Production Networks, (2015) CWPE1550
Goyal, S. Networks in Economics: A Perspective on the Literature, (2015) CWPE1548
Cerdeiro, D., Dziubinski, M. and Goyal, S. Contagion Risk and Network Design, (2015) CWPE1547
Gallo, E. and Yan, C. Effciency and equilibrium in network games: An experiment, (2015) CWPE1546
Munshi, K. Community Networks and the Process of Development, (2015) CWPE1545
Carvalho, V. M. From Micro to Macro via Production Networks, (2014) CWPE1467
Dessi, R., Gallo, E. and Goyal, S. Network Cognition, (2014) CWPE1462
Cho, S., Galeotti, A. and Goyal, S. Trading in Networks: Theory and Experiments, (2014) CWPE1457
Goyal, S. and Vigier, A. Attack, Defense and Contagion in Networks, (2014) CWPE1451
Dziubinski, M. and Goyal, S. How to Defend a Network?, (2014) CWPE1450
Gallo, E. Communication networks in markets, (2014) CWPE1431


Chapter in Book


Goyal, S. Heterogeneity and networks, (2018) in the book: Handbook of Computational Econmics - Elsevier
Goyal, S. Networks in economics: a perspective on the literature, (2016) in the book: The Oxford handbook of the economics of networks - Oxford University Press
Choi, S. Gallo, E. and Kariv, S. Networks in the laboratory, (2016) in the book: The Oxford handbook of the economics of networks - Oxford University Press
Munshi, K. Community networks and migration, (2016) in the book: The Oxford handbook of the economics of networks - Oxford University Press
Munshi, K. Caste networks in the modern Indian economy, (2016) in the book: Development in India: micro and macro perspectives - Springer India

Research Grants


Embedded Markets and the Economy (ERC Starting grant), Elliott, M.
Production Networks In Macroeconomics (EC FP7 ERC SIRG), Carvalho, V. M.
Ibsen - Bridging The Gap From Individual Behaviour To The Socio-Technical Man (ECH2020 FUTURE & EMERGING TECHNOLOGIES (FET)), Goyal, S.
Collaborative Research: The Economic Benefits of Investing into Social Relationships (3 year NSF Award), Elliott, M.
Complexity-Net: Resilience And Interaction Of Networks In Ecology And Economics (Resinee) (EPSRC), Goyal, S.
Research Seminars: Seminars On Networks (ESRC), Goyal, S.

Keynes Fund Sponsored Projects


Experiments on Financial Networks Goyal, S. (JHLB) Research Output
Social Networks Structure and Economic Outcomes Gallo, E. (JHLF) Project Summary and Output
Experiments on 'Networked Markets' Goyal, S. (JHLR) Project Summary and Output
Free-Riding and Group Cooperation Elliott, M. (JHOP)
Efficiency and Inequality in a Network Economy Goyal, S. (JHOS)

More Keynes Fund Sponsored Projects >>

Events


Cambridge Networks Day (CNDay)

CNDay is a one day, interdisciplinary meeting on complex networks and their applications organised by the Cambridge Networks Network. The event will be held on the 29th August 2019, from 9.30am-5.30pm, in Sainsbury Laboratory, Bateman Street, Cambridge and is supported by The Alan Turing Institute, Cambridge Big Data and King's College Cambridge.

Event Date - Thursday 29th August 2019

Seventh European Conference on Networks

Cambridge-INET and the European Research Council (ERC) are holding the Seventh European Conference on Networks at Jesus College, Cambridge, on 10th-11th June 2019.

Event Date - Monday 10th June 2019 - Tuesday 11th June 2019

J M Keynes Fellowship Fund Lectures

Professor Vasco Carvalho will give a talk on "Networked Perspectives on the Macroeconomy" as part of the J M Keynes Fellowship Fund's evening of special lectures. The event will take place on Thursday 21 February 2019, between 17.30-19.30pm, in the McCrum Lecture Theatre, Cambridge and will featuring five of the Fund's distinguished Fellows speaking about their innovative research in the field of financial economics.

Event Date - Thursday 21st February 2019

Workshop on Networks

Workshop on Networks will take place on April 21st 2017 in the Faculty of Economics, Keynes Room from 2.30pm to 5.30pm. Please register your interest in this event.

Event Date - Friday 21st April 2017 - Saturday 22nd April 2017

Third European Meeting on Networks

The Meeting aims to offer a forum for the presentation and dissemination of frontier research on Networks.

Event Date - Thursday 18th June 2015 - Friday 19th June 2015

Public Talk: Duncan Watts

Cambridge-INET will be hosting a public talk by Duncan Watts (Microsoft Research) on "The Myth of Common Sense: Why Everything That Seems Obvious Isn't", in the McCrum Lecture Theatre, Corpus Christi College, on 11th March 2014 from 5.00 - 6.30 pm.

Published on - Saturday 1st March 2014

Workshop on Networks

Cambridge-INET will host a Workshop on Networks on 26th March 2013, 14:30 - 18:30, in the Keynes Room, Faculty of Economics, The University of Cambridge.

Event Date - Tuesday 26th March 2013

Workshop on Social Networks & Economics

This Workshop is a cross-disciplinary event on Information, Networks, and Markets at the intersection of Computer Science and Economics.

Event Date - Friday 17th June 2011

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Related Tags:

Behavioural Economics

Complex Networks

Experimental Economics

Financial Economics

Keynes

Macroeconomy

Networks

Social Networks

Production Networks

Diffusion in Networks

Contagion in Networks