An earlier and more detailed preprint: A refutation of Metcalfe's Law and a better estimate for the value of networks and network interconnections, A. Odlyzko and B. Tilly. [PostScript] [PDF] [LaTeX]
This paper is based on a more extensive manuscript, presented at TPRC 2004, Pricing and architecture of the Internet: Historical perspectives from telecommunications and transportation, A. M. Odlyzko. [PostScript] [PDF] [LaTeX]