{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,10,29]],"date-time":"2026-10-29T17:47:28Z","timestamp":1793296048282,"version":"4.5.0"},"reference-count":77,"publisher":"Oxford University Press (OUP)","issue":"3","license":[{"start":{"date-parts":[[2023,6,27]],"date-time":"2023-06-27T00:00:00Z","timestamp":1687824000000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/academic.oup.com\/pages\/standard-publication-reuse-rights"}],"funder":[{"DOI":"10.13039\/100000001","name":"NSF","doi-asserted-by":"publisher","award":["SES-1156182"],"award-info":[{"award-number":["SES-1156182"]}],"id":[{"id":"10.13039\/100000001","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/100000001","name":"NSF","doi-asserted-by":"publisher","award":["SES-1155302"],"award-info":[{"award-number":["SES-1155302"]}],"id":[{"id":"10.13039\/100000001","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/100000001","name":"NSF","doi-asserted-by":"publisher","award":["SES-1629446"],"award-info":[{"award-number":["SES-1629446"]}],"id":[{"id":"10.13039\/100000001","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/100000001","name":"NSF","doi-asserted-by":"publisher","award":["SES-2018554"],"award-info":[{"award-number":["SES-2018554"]}],"id":[{"id":"10.13039\/100000001","id-type":"DOI","asserted-by":"publisher"}]},{"name":"AFOSR and DARPA","award":["FA9550-12-1-0411"],"award-info":[{"award-number":["FA9550-12-1-0411"]}]},{"name":"ARO MURI","award":["W911NF-12-1-0509"],"award-info":[{"award-number":["W911NF-12-1-0509"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"published-print":{"date-parts":[[2024,5,9]]},"abstract":"<jats:title>Abstract<\/jats:title>\n               <jats:p>We show that the entry of formal financial institutions can have far-reaching and long-lasting impacts on informal lending and social networks more generally. We first study the introduction of microfinance in 75 villages in Karnataka, India, 43 of which were exposed to microfinance. Using difference-in-differences, we show that networks shrank more in exposed villages. Moreover, links between households that were both unlikely to borrow from microfinance were at least as likely to disappear as links involving likely borrowers. We replicate these surprising findings in the context of a randomised controlled trial (RCT) in Hyderabad, where a microfinance institution randomly selected 52 of 104 neighbourhoods to enter first. Four years after all neighbourhoods were treated, households in early-entry neighbourhoods had credit access longer and had larger loans. We again find fewer social relationships between households in these neighbourhoods, even among those ex-ante unlikely to borrow. Because the results suggest global spillovers, atypical in usual models of network formation, we develop a new dynamic model of network formation that emphasizes chance meetings, where efforts to socialize generate a global network-level externality. Finally, we analyse informal borrowing and the sensitivity of consumption to income fluctuations. Households unlikely to take up microcredit suffer the greatest loss of informal borrowing and risk sharing, underscoring the global nature of the externality.<\/jats:p>","DOI":"10.1093\/restud\/rdad065","type":"journal-article","created":{"date-parts":[[2023,6,27]],"date-time":"2023-06-27T15:25:05Z","timestamp":1687879505000},"page":"1331-1372","source":"Crossref","is-referenced-by-count":50,"title":["Changes in Social Network Structure in Response to Exposure to Formal Credit Markets"],"prefix":"10.1093","volume":"91","author":[{"given":"Abhijit","family":"Banerjee","sequence":"first","affiliation":[{"name":"Department of Economics , MIT, Cambridge and NBER, Cambridge and JPAL, Cambridge , USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Emily","family":"Breza","sequence":"additional","affiliation":[{"name":"Department of Economics , Harvard University, Cambridge and NBER, Cambridge and JPAL, Cambridge , USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Arun G","family":"Chandrasekhar","sequence":"additional","affiliation":[{"name":"Department of Economics , Stanford University, Stanford and NBER, Cambridge and JPAL, Cambridge , USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Esther","family":"Duflo","sequence":"additional","affiliation":[{"name":"Department of Economics , MIT, Cambridge USA and Coll\u00e8ge de France, Paris France"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Matthew O","family":"Jackson","sequence":"additional","affiliation":[{"name":"Department of Economics , Stanford University, Stanford and Santa Fe Institute, Santa Fe , USA"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Cynthia","family":"Kinnan","sequence":"additional","affiliation":[{"name":"Department of Economics , Tufts University, Medford and NBER, Cambridge and JPAL, Cambridge , USA"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"286","published-online":{"date-parts":[[2023,6,27]]},"reference":[{"key":"2024062700064573500_rdad065-B1","doi-asserted-by":"crossref","first-page":"C77","DOI":"10.1111\/1468-0297.00112","article-title":"Limited Commitment and Crowding out of Private Transfers: Evidence from a Randomised Experiment","volume":"113","author":"Albarran","year":"2003","journal-title":"The Economic Journal"},{"key":"2024062700064573500_rdad065-B2","doi-asserted-by":"crossref","first-page":"151","DOI":"10.1086\/426036","article-title":"Selection on Observed and Unobserved Variables: Assessing the Effectiveness of Catholic Schools","volume":"113","author":"Altonji","year":"2005","journal-title":"Journal of Political Economy"},{"key":"2024062700064573500_rdad065-B3","doi-asserted-by":"crossref","first-page":"149","DOI":"10.1257\/aer.104.1.149","article-title":"Consumption Risk-Sharing in Social Networks","volume":"104","author":"Ambrus","year":"2014","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B4","doi-asserted-by":"crossref","first-page":"486","DOI":"10.1257\/aer.99.1.486","article-title":"Indirect Effects of an Aid Program: How do Cash Transfers Affect Ineligibles\u2019 Consumption?","volume":"99","author":"Angelucci","year":"2009","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B5","doi-asserted-by":"crossref","first-page":"2613","DOI":"10.1111\/ecoj.12534","article-title":"Consumption and Investment in Resource Pooling Family Networks","volume":"128","author":"Angelucci","year":"2018","journal-title":"The Economic Journal"},{"key":"2024062700064573500_rdad065-B6","first-page":"151","article-title":"Microcredit Impacts: Evidence from a Randomized Microcredit Program Placement Experiment by Compartamos Banco","volume":"7","author":"Angelucci","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B7","first-page":"3","article-title":"Observations on Social Capital","volume":"6","author":"Arrow","year":"2000","journal-title":"Social Capital: A Multifaceted Perspective"},{"key":"2024062700064573500_rdad065-B8","first-page":"90","article-title":"The Impacts of Microfinance: Evidence from Joint-Liability Lending in Mongolia","volume":"7","author":"Attanasio","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B9","first-page":"183","article-title":"The Impacts of Microcredit: Evidence from Bosnia and Herzegovina","volume":"7","author":"Augsburg","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B10","author":"Badev","year":"2013"},{"key":"2024062700064573500_rdad065-B11","doi-asserted-by":"crossref","first-page":"1181","DOI":"10.1111\/1468-0262.00155","article-title":"A Noncooperative Model of Network Formation","volume":"68","author":"Bala","year":"2000","journal-title":"Econometrica"},{"key":"2024062700064573500_rdad065-B12","author":"Banerjee","year":"2023"},{"key":"2024062700064573500_rdad065-B13","author":"Banerjee","year":"2019"},{"key":"2024062700064573500_rdad065-B14","doi-asserted-by":"crossref","first-page":"363","DOI":"10.1126\/science.1236498","article-title":"Diffusion of Microfinance","volume":"341","author":"Banerjee","year":"2013","journal-title":"Science"},{"key":"2024062700064573500_rdad065-B15","doi-asserted-by":"crossref","first-page":"2453","DOI":"10.1093\/restud\/rdz008","article-title":"Using Gossips to Spread Information: Theory and Evidence from Two Randomized Controlled Trials","volume":"86","author":"Banerjee","year":"2019","journal-title":"The Review of Economic Studies"},{"key":"2024062700064573500_rdad065-B16","first-page":"22","article-title":"The Miracle of Microfinance? Evidence from a Randomized Evaluation","volume":"7","author":"Banerjee","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B17","first-page":"1","article-title":"Six Randomized Evaluations of Microcredit: Introduction and Further Steps","volume":"7","author":"Banerjee","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B18","doi-asserted-by":"crossref","first-page":"3574","DOI":"10.1257\/aer.102.7.3574","article-title":"Who Gets the Job Referral? Evidence from a Social Networks Experiment","volume":"102","author":"Beaman","year":"2012","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B19","author":"Belloni","year":"2009"},{"key":"2024062700064573500_rdad065-B20","doi-asserted-by":"crossref","first-page":"29","DOI":"10.1257\/jep.28.2.29","article-title":"High-Dimensional Methods and Inference on Structural and Treatment Effects","volume":"28","author":"Belloni","year":"2014","journal-title":"The Journal of Economic Perspectives"},{"key":"2024062700064573500_rdad065-B21","doi-asserted-by":"crossref","first-page":"608","DOI":"10.1093\/restud\/rdt044","article-title":"Inference on Treatment Effects after Selection Among High-Dimensional Controls","volume":"81","author":"Belloni","year":"2014","journal-title":"The Review of Economic Studies"},{"key":"2024062700064573500_rdad065-B22","author":"Binzel","year":"2013"},{"key":"2024062700064573500_rdad065-B23","doi-asserted-by":"crossref","first-page":"36","DOI":"10.1016\/j.jet.2008.01.008","article-title":"Informal Insurance in Social Networks","volume":"143","author":"Bloch","year":"2008","journal-title":"Journal of Economic Theory"},{"key":"2024062700064573500_rdad065-B24","doi-asserted-by":"crossref","first-page":"157","DOI":"10.1016\/j.jdeveco.2016.01.003","article-title":"Airtime Transfers and Mobile Communications: Evidence in the Aftermath of Natural Disasters","volume":"120","author":"Blumenstock","year":"2016","journal-title":"Journal of Development Economics"},{"key":"2024062700064573500_rdad065-B25","author":"Blumenstock","year":"2016"},{"key":"2024062700064573500_rdad065-B26","doi-asserted-by":"crossref","first-page":"235","DOI":"10.1111\/iere.12101","article-title":"Structural Homophily","volume":"56","author":"Boucher","year":"2015","journal-title":"International Economic Review"},{"key":"2024062700064573500_rdad065-B27","first-page":"291","article-title":"Submodel Selection and Evaluation in Regression. The X-Random Case","volume":"60","author":"Breiman","year":"1992","journal-title":"International Statistical Review\/Revue Internationale de Statistique"},{"key":"2024062700064573500_rdad065-B28","author":"Breza","year":"2016"},{"key":"2024062700064573500_rdad065-B29","doi-asserted-by":"crossref","first-page":"175","DOI":"10.3982\/ECTA13683","article-title":"Social Networks, Reputation, and Commitment: Evidence From a Savings Monitors Experiment","volume":"87","author":"Breza","year":"2019","journal-title":"Econometrica"},{"key":"2024062700064573500_rdad065-B30","author":"Breza","year":"2019"},{"key":"2024062700064573500_rdad065-B31","doi-asserted-by":"crossref","first-page":"2454","DOI":"10.1257\/aer.20170861","article-title":"Using Aggregated Relational Data to Feasibly Identify Network Structure Without Network Data","volume":"110","author":"Breza","year":"2020","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B32","doi-asserted-by":"crossref","first-page":"1447","DOI":"10.1093\/qje\/qjab016","article-title":"Measuring the Equilibrium Impacts of Credit: Evidence from the Indian Microfinance Crisis","volume":"136","author":"Breza","year":"2021","journal-title":"The Quarterly Journal of Economics"},{"key":"2024062700064573500_rdad065-B33","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1016\/j.geb.2010.10.010","article-title":"Social Interactions and Spillovers","volume":"72","author":"Cabrales","year":"2011","journal-title":"Games and Economic Behavior"},{"key":"2024062700064573500_rdad065-B34","author":"Canen","year":"2017"},{"key":"2024062700064573500_rdad065-B35","author":"Chandrasekhar","year":"2014"},{"key":"2024062700064573500_rdad065-B36","author":"Christakis","year":"2010"},{"key":"2024062700064573500_rdad065-B37","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1016\/0304-3878(93)90102-S","article-title":"Reciprocity Without Commitment: Characterization and Performance of Informal Insurance Arrangements","volume":"40","author":"Coate","year":"1993","journal-title":"Journal of Development Economics"},{"key":"2024062700064573500_rdad065-B38","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1162\/rest_a_00908","article-title":"Treatment Effect Accounting for Network Changes","volume":"103","author":"Comola","year":"2021","journal-title":"Review of Economics and Statistics"},{"key":"2024062700064573500_rdad065-B39","first-page":"123","article-title":"Estimating the Impact of Microcredit on Those Who Take It Up: Evidence from a Randomized Experiment in Morocco","volume":"7","author":"Cr\u00e9pon","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B40","doi-asserted-by":"crossref","first-page":"1003","DOI":"10.3982\/ECTA7528","article-title":"An Economic Model of Friendship: Homophily, Minorities, and Segregation","volume":"77","author":"Currarini","year":"2009","journal-title":"Econometrica"},{"key":"2024062700064573500_rdad065-B41","doi-asserted-by":"crossref","first-page":"4857","DOI":"10.1073\/pnas.0911793107","article-title":"Identifying the Roles of Race-Based Choice and Chance in High School Friendship Network Formation","volume":"107","author":"Currarini","year":"2010","journal-title":"Proceedings of the National Academy of Sciences"},{"key":"2024062700064573500_rdad065-B42","doi-asserted-by":"crossref","first-page":"229","DOI":"10.1007\/PL00013689","article-title":"Network Formation with Sequential Demands","volume":"5","author":"Currarini","year":"2000","journal-title":"Review of Economic Design"},{"key":"2024062700064573500_rdad065-B43","doi-asserted-by":"crossref","first-page":"273","DOI":"10.1111\/ecoj.12553","article-title":"The Effect of Savings Accounts on Interpersonal Financial Relationships: Evidence from a Field Experiment in Rural Kenya","volume":"129","author":"Dupas","year":"2019","journal-title":"The Economic Journal"},{"key":"2024062700064573500_rdad065-B44","doi-asserted-by":"crossref","first-page":"322","DOI":"10.1006\/jeth.1997.2306","article-title":"Stable Networks","volume":"76","author":"Dutta","year":"1997","journal-title":"Journal of Economic Theory"},{"key":"2024062700064573500_rdad065-B45","doi-asserted-by":"crossref","first-page":"261","DOI":"10.1016\/S0304-3878(03)00029-4","article-title":"Risk-sharing Networks in Rural Philippines","volume":"71","author":"Fafchamps","year":"2003","journal-title":"Journal of Development Economics"},{"key":"2024062700064573500_rdad065-B46","doi-asserted-by":"crossref","first-page":"1459","DOI":"10.1093\/restud\/rdt016","article-title":"The Economic Returns to Social Interaction: Experimental Evidence from Microfinance","volume":"80","author":"Feigenberg","year":"2013","journal-title":"Review of Economic Studies"},{"key":"2024062700064573500_rdad065-B47","doi-asserted-by":"crossref","first-page":"e45679","DOI":"10.1371\/journal.pone.0045679","article-title":"Repayment Flexibility can Reduce Financial Stress: A Randomized Control Trial with Microfinance Clients in India","volume":"7","author":"Field","year":"2012","journal-title":"PLoS ONE"},{"key":"2024062700064573500_rdad065-B48","doi-asserted-by":"crossref","first-page":"261","DOI":"10.2307\/2171783","article-title":"Risk-Sharing Between and Within Families","volume":"64","author":"Hayashi","year":"1996","journal-title":"Econometrica: Journal of the Econometric Society"},{"key":"2024062700064573500_rdad065-B49","doi-asserted-by":"crossref","first-page":"526","DOI":"10.1016\/j.geb.2008.12.009","article-title":"Farsightedly Stable Networks","volume":"67","author":"Herings","year":"2009","journal-title":"Games and Economic Behavior"},{"key":"2024062700064573500_rdad065-B50","doi-asserted-by":"crossref","first-page":"1347","DOI":"10.1093\/restud\/rdaa033","article-title":"Development Projects and Economic Networks: Lessons From Rural Gambia","volume":"88","author":"He\u00df","year":"2020","journal-title":"The Review of Economic Studies"},{"key":"2024062700064573500_rdad065-B51","doi-asserted-by":"crossref","first-page":"1090","DOI":"10.1198\/016214502388618906","article-title":"Latent Space Approaches to Social Network Analysis","volume":"97","author":"Hoff","year":"2002","journal-title":"Journal of the American Statistical Association"},{"key":"2024062700064573500_rdad065-B52","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1016\/j.jbankfin.2014.10.001","article-title":"Does Microfinance Change Informal Lending in Village Economies? Evidence from Bangladesh","volume":"50","author":"Islam","year":"2015","journal-title":"Journal of Banking & Finance"},{"key":"2024062700064573500_rdad065-B53","author":"Jackson","year":"2003"},{"key":"2024062700064573500_rdad065-B54","doi-asserted-by":"crossref","DOI":"10.1515\/9781400833993","volume-title":"Social and Economic Networks","author":"Jackson","year":"2008"},{"key":"2024062700064573500_rdad065-B55","doi-asserted-by":"crossref","first-page":"1857","DOI":"10.1257\/aer.102.5.1857","article-title":"Social Capital and Social Quilts: Network Patterns of Favor Exchange","volume":"102","author":"Jackson","year":"2012","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B56","doi-asserted-by":"crossref","first-page":"420","DOI":"10.1016\/j.geb.2004.08.004","article-title":"Strongly Stable Networks","volume":"51","author":"Jackson","year":"2005","journal-title":"Games and Economic Behavior"},{"key":"2024062700064573500_rdad065-B57","doi-asserted-by":"crossref","first-page":"265","DOI":"10.1006\/jeth.2001.2903","article-title":"The Evolution of Social and Economic Networks","volume":"106","author":"Jackson","year":"2002","journal-title":"Journal of Economic Theory"},{"key":"2024062700064573500_rdad065-B58","doi-asserted-by":"crossref","first-page":"44","DOI":"10.1006\/jeth.1996.0108","article-title":"A Strategic Model of Social and Economic Networks","volume":"71","author":"Jackson","year":"1996","journal-title":"Journal of Economic Theory"},{"key":"2024062700064573500_rdad065-B59","doi-asserted-by":"crossref","first-page":"1307","DOI":"10.1162\/qjec.2009.124.3.1307","article-title":"Trust and Social Collateral","volume":"124","author":"Karlan","year":"2009","journal-title":"The Quarterly Journal of Economics"},{"key":"2024062700064573500_rdad065-B60","doi-asserted-by":"crossref","first-page":"289","DOI":"10.1257\/aer.102.3.289","article-title":"Kinship and Financial Networks, Formal Financial Access, and Risk Reduction","volume":"102","author":"Kinnan","year":"2012","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B61","first-page":"695","author":"K\u00f6nig","year":"2014"},{"key":"2024062700064573500_rdad065-B62","first-page":"830","article-title":"Reciprocal Exchange: A Self-Sustaining System","volume":"86","author":"Kranton","year":"1996","journal-title":"The American Economic Review"},{"key":"2024062700064573500_rdad065-B63","doi-asserted-by":"crossref","first-page":"216","DOI":"10.1006\/redy.1999.0081","article-title":"Mutual Insurance, Individual Savings, and Limited Commitment","volume":"3","author":"Ligon","year":"2000","journal-title":"Review of Economic Dynamics"},{"key":"2024062700064573500_rdad065-B64","doi-asserted-by":"crossref","first-page":"1089","DOI":"10.1093\/qje\/qjaa048","article-title":"Competition and Relational Contracts in the Rwanda Coffee Chain","volume":"136","author":"Macchiavello","year":"2021","journal-title":"The Quarterly Journal of Economics"},{"key":"2024062700064573500_rdad065-B65","doi-asserted-by":"crossref","first-page":"1285","DOI":"10.1162\/003355399556278","article-title":"Interfirm Relationships and Informal Credit in Vietnam","volume":"114","author":"McMillan","year":"1999","journal-title":"The Quarterly Journal of Economics"},{"key":"2024062700064573500_rdad065-B66","author":"Meager","year":"2015"},{"key":"2024062700064573500_rdad065-B67","doi-asserted-by":"crossref","first-page":"825","DOI":"10.3982\/ECTA10400","article-title":"A Structural Model of Dense Network Formation","volume":"85","author":"Mele","year":"2017","journal-title":"Econometrica"},{"key":"2024062700064573500_rdad065-B68","doi-asserted-by":"crossref","first-page":"46","DOI":"10.1257\/aer.20131365","article-title":"Networks and Misallocation: Insurance, Migration, and the Rural-Urban Wage Gap","volume":"106","author":"Munshi","year":"2016","journal-title":"American Economic Review"},{"key":"2024062700064573500_rdad065-B69","volume-title":"Bowling Alone: The Collapse and Revival of American Community","author":"Putnam","year":"2000"},{"key":"2024062700064573500_rdad065-B70","doi-asserted-by":"crossref","first-page":"111","DOI":"10.1111\/j.2517-6161.1974.tb00994.x","article-title":"Cross-Validatory Choice and Assessment of Statistical Predictions","volume":"36","author":"Stone","year":"1974","journal-title":"Journal of the Royal Statistical Society: Series B (Methodological)"},{"key":"2024062700064573500_rdad065-B71","first-page":"54","article-title":"The Impacts of Microcredit: Evidence from Ethiopia","volume":"7","author":"Tarozzi","year":"2015","journal-title":"American Economic Journal: Applied Economics"},{"key":"2024062700064573500_rdad065-B72","doi-asserted-by":"crossref","first-page":"539","DOI":"10.2307\/2951659","article-title":"Risk and Insurance in Village India","volume":"62","author":"Townsend","year":"1994","journal-title":"Econometrica"},{"key":"2024062700064573500_rdad065-B73","doi-asserted-by":"crossref","first-page":"495","DOI":"10.2307\/2297901","article-title":"Risk and Insurance in a Rural Credit Market: An Empirical Investigation in Northern Nigeria","volume":"61","author":"Udry","year":"1994","journal-title":"The Review of Economic Studies"},{"key":"2024062700064573500_rdad065-B74","doi-asserted-by":"crossref","first-page":"339","DOI":"10.1016\/j.jet.2006.02.009","article-title":"Monotone Equilibria in Bayesian Games of Strategic Complementarities","volume":"134","author":"Van Zandt","year":"2007","journal-title":"Journal of Economic Theory"},{"key":"2024062700064573500_rdad065-B75","author":"Vera-Cossio","year":"2019"},{"key":"2024062700064573500_rdad065-B76","doi-asserted-by":"crossref","first-page":"331","DOI":"10.1006\/game.2000.0803","article-title":"A Dynamic Model of Network Formation","volume":"34","author":"Watts","year":"2001","journal-title":"Games and Economic Behavior"},{"key":"2024062700064573500_rdad065-B77","doi-asserted-by":"crossref","first-page":"249","DOI":"10.1007\/s41664-018-0068-2","article-title":"On Splitting Training and Validation Set: A Comparative Study of Cross-Validation, Bootstrap and Systematic Sampling for Estimating the Generalization Performance of Supervised Learning","volume":"2","author":"Xu","year":"2018","journal-title":"Journal of Analysis and Testing"}],"container-title":["Review of Economic Studies"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/academic.oup.com\/restud\/advance-article-pdf\/doi\/10.1093\/restud\/rdad065\/56677984\/rdad065.pdf","content-type":"application\/pdf","content-version":"am","intended-application":"syndication"},{"URL":"https:\/\/academic.oup.com\/restud\/article-pdf\/91\/3\/1331\/57452672\/rdad065.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"syndication"},{"URL":"https:\/\/academic.oup.com\/restud\/article-pdf\/91\/3\/1331\/57452672\/rdad065.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,6,27]],"date-time":"2024-06-27T00:08:12Z","timestamp":1719446892000},"score":1,"resource":{"primary":{"URL":"https:\/\/academic.oup.com\/restud\/article\/91\/3\/1331\/7208633"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2023,6,27]]},"references-count":77,"journal-issue":{"issue":"3","published-online":{"date-parts":[[2023,6,27]]},"published-print":{"date-parts":[[2024,5,9]]}},"URL":"https:\/\/doi.org\/10.1093\/restud\/rdad065","relation":{},"ISSN":["0034-6527","1467-937X"],"issn-type":[{"value":"0034-6527","type":"print"},{"value":"1467-937X","type":"electronic"}],"subject":[],"published-other":{"date-parts":[[2024,5]]},"published":{"date-parts":[[2023,6,27]]}}}