To suggest new connections to a user of a social networking system, the system generates a set of candidate users to whom the user has not already formed a connection. The system determines the likelihood that the user will connect to each candidate user if suggested to do so, and it also computes the value to the social networking system if the user does connect to the candidate user. Then, the system computes an expected value score for each candidate user based on the corresponding likelihood and the value. The candidate users are ranked and the suggestions are provided to the user based on the candidate users' expected value scores. The social networking system can suggest other actions to a user in addition to forming a new connection with other users.