We develop a parsimonious general equilibrium model where agents allocate time across three activities: production, trade, and leisure. Leisure includes time spent socializing, which economizes transaction costs. Our framework yields multiple equilibria in terms of the number of social ties and...

Using an agent-based simulation, we illustrate how goal-seeking behavior affects network formation, learning, and performance. Our organization has one manager, who decides where to invest financial capital; individual workers, who decide where to work and prefer projects with larger budgets;...