In addition to seamless connectivity and smartness, the objects in the Internet of Things (IoT) are expected to have the social capabilities -- these objects are termed as ``social objects''. In this paper, an intuitive paradigm of social interactions between these objects are argued and modeled. The impact of social behavior on the interaction pattern of social objects is studied taking Peer-to-Peer (P2P) resource sharing as an example application. The model proposed in this paper studies the implications of competitive vs. cooperative social paradigm, while peers attempt to attain the shared resources / services. The simulation results divulge that the social capabilities of the peers impart a significant increase in the quality of interactions between social objects. Through an agent-based simulation study, it is proved that cooperative strategy is more efficient than competitive strategy. Moreover, cooperation with an underpinning on real-life networking structure and mobility does not negatively impact the efficiency of the system at all; rather it helps.