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  5. Economic Analysis of Social Interactions

Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Economic Analysis of Social Interactions

  • Charles F. Manski
Journal of Economic Perspectives
vol. 14, no. 3, Summer 2000
(pp. 115–136)
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Abstract

Economics is broadening its scope from analysis of markets to study of general social interactions. Developments in game theory, the economics of the family, and endogenous growth theory have led the way. Economists have also performed new empirical research using observational data on social interactions, but with much less to show. The fundamental problem is that observable outcomes may be generated by many different interaction processes, so empirical findings are open to a wide variety of interpretations. To make sustained progress, empirical research will need richer data, including experiments in controlled environments and subjective data on preferences and expectations.

Citation

Manski, Charles, F. 2000. "Economic Analysis of Social Interactions." Journal of Economic Perspectives, 14 (3): 115–136. DOI: 10.1257/jep.14.3.115

JEL Classification

  • Z13 Economic Sociology; Economic Anthropology
  • D00 Microeconomics: General
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