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Competitive economy as a ranking device over networks

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  • Du, Ye
  • Lehrer, Ehud
  • Pauzner, Ady

Abstract

We propose a novel approach to generating a ranking of items in a network (e.g., of web pages connected by links or of articles connected by citations). We transform the network into an exchange economy, and use the resulting competitive equilibrium prices of the network nodes as their ranking. The widely used Google's PageRank comes as a special case when the nodes are represented by Cobb–Douglas utility maximizers. We further use the economic metaphor to combine between the Citation Count and PageRank by imposing a redistributive taxing scheme.

Suggested Citation

  • Du, Ye & Lehrer, Ehud & Pauzner, Ady, 2015. "Competitive economy as a ranking device over networks," Games and Economic Behavior, Elsevier, vol. 91(C), pages 1-13.
    • Handle: RePEc:eee:gamebe:v:91:y:2015:i:c:p:1-13
    DOI: 10.1016/j.geb.2015.03.006
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    References listed on IDEAS

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    1. AMIR, Rabah, 2002. "Impact-adjusted citations as a measure of journal quality," LIDAM Discussion Papers CORE 2002074, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    2. Ignacio Palacios-Huerta & Oscar Volij, 2004. "The Measurement of Intellectual Influence," Econometrica, Econometric Society, vol. 72(3), pages 963-977, May.
    3. Gabrielle Demange, 2011. "On the influence of rankings," Working Papers halshs-00589657, HAL.
    4. Liebowitz, S J & Palmer, J P, 1984. "Assessing the Relative Impacts of Economic Journals," Journal of Economic Literature, American Economic Association, vol. 22(1), pages 77-88, March.
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    Citations

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    Cited by:

    1. Hannu Salonen, 2016. "Equilibria and centrality in link formation games," International Journal of Game Theory, Springer;Game Theory Society, vol. 45(4), pages 1133-1151, November.
    2. Demange, Gabrielle, 2017. "Mutual rankings," Mathematical Social Sciences, Elsevier, vol. 90(C), pages 35-42.
    3. van den Brink, René & Rusinowska, Agnieszka, 2022. "The degree measure as utility function over positions in graphs and digraphs," European Journal of Operational Research, Elsevier, vol. 299(3), pages 1033-1044.
    4. Matthew Elliott & Benjamin Golub, 2019. "A Network Approach to Public Goods," Journal of Political Economy, University of Chicago Press, vol. 127(2), pages 730-776.
    5. Brink, René van den & Rusinowska, Agnieszka, 2021. "The degree ratio ranking method for directed graphs," European Journal of Operational Research, Elsevier, vol. 288(2), pages 563-575.
    6. Thomas J. Sargent & John Stachurski, 2022. "Economic Networks: Theory and Computation," Papers 2203.11972, arXiv.org, revised Jul 2022.
    7. Shikhman, V. & Nesterov, Yu. & Ginsburgh, V., 2018. "Power method tâtonnements for Cobb–Douglas economies," Journal of Mathematical Economics, Elsevier, vol. 75(C), pages 84-92.

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    More about this item

    Keywords

    Network; Exchange economy; Competitive prices; Ranking; Economy-based ranking; PageRank; Taxation; Citation Count; Normalized citation count;
    All these keywords.

    JEL classification:

    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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