Cahuc, Pierre; Fontaine, François - Institute for the Study of Labor (IZA) - 2002
social networks and through more efficient, but also more costly, methods. In this framework, decentralized decisions to … utilize social networks in the job search process can be inefficient and give rise to multiple equilibria for some parameters … values. More precisely, in a decentralized equilibrium, social networks can be over-utilized, with respect to an efficient …