Events

Professor Fernando Vega-Redondo
Professor of Economics
Chinese University of Hong Kong

The interplay between networks and norms gives rise to a rich range of dynamic behavior. In our model, we highlight the fact that networks not only support dominant norms but also, most crucially, tend to block any significant change. This is why, as history shows, before prevailing norms can be dislodged incumbent networks must erode. Over time, therefore, we observe that the evolution of norms typically displays long phases of very slow change, occasionally punctuated by short periods of fast adjustment in which new norms gain a robust foothold. Our theoretical framework, by accommodating different time scales, sheds light of how such a rise and fall of norms unfold in a networked social environment.