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Department of Economics, Stockholm University Research Papers in Economics, Department of Economics, Stockholm University

No 2014:4:
Local and Consistent Centrality Measures in Networks

Yves Zenou () and Vianney Dequiedt ()

Abstract: The centrality of an agent in a network has been shown to be crucial in explaining different behaviors and outcomes. In this paper, we propose an axiomatic approach to characterize a class of centrality measures for which the centrality of an agent is recursively related to the centralities of the agents she is connected to. This includes the Katz-Bonacich and the eigenvector centrality. The core of our argument hinges on the power of the consistency axiom, which relates the properties of the measure for a given network to its properties for a reduced problem. In our case, the reduced problem only keeps track of local and parsimonious information. Our axiomatic characterization highlights the conceptual similarities among this class of measures.

Keywords: Consistency; centrality measures; networks; axiomatic approach; (follow links to similar papers)

JEL-Codes: C70; D85; (follow links to similar papers)

25 pages, May 21, 2014

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