ABSTRACT This paper constructs a new theory of social networks based on reputation. The model assumes that reputation is an asset and that individuals connect by buying options on the reputation of others. In networking, individuals construct portfolios of call options to leverage the reputations of others and put options to hedge the connections with others. A network then consists of portfolios of reputation options. The option model confers advantages not present in existing models. First, the payoff to connecting is the payoff on a portfolio of reputation options. Second, the network forms as individuals take option positions; the network evolves as individuals adjust those positions. Third, networking strategies become option strategies. The model allows for insights into network structure, the price of connecting and the value of connecting.

中文翻译：

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声誉网络的期权理论模型

摘要 本文构建了一种基于声誉的社交网络新理论。该模型假设声誉是一种资产，个人通过购买他人声誉的期权来联系。在网络中，个人构建看涨期权投资组合以利用他人的声誉并看跌期权以对冲与他人的联系。然后，网络由声誉选项组合组成。期权模型具有现有模型所不具备的优势。首先，连接的回报是声誉选项组合的回报。其次，网络形成为个人持有期权头寸；网络随着个人调整这些位置而发展。第三，网络战略成为选择战略。该模型允许洞察网络结构、连接的价格和连接的价值。