Reconstructing Granovetter's network theory

We employ concepts from graph theory and cooperative game theory to reconstruct Granovetter's famous thesis concerning 'the strength of weak ties'. In contrast to existing formal models related to this thesis, our approach captures the mechanisms Granovetter invokes in the derivation of his thesis. Notably, our model allows for an analytical distinction between the strength of ties and the value of ties - a distinction empirical research on the labor market has shown to be of great importance. We use our model to test the theoretical validity of Granovetter's thesis and to evaluate its robustness if implicit assumptions in Granovetter's argumentation are dropped.