Modeling economic activities and random catastrophic failures of financial networks via gibbs random fields
Date
2020
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Abstract
The complicated economic behavior of entities in a population can be modeled as a Gibbs random field (GRF). Even with simple GRF models, which restrict direct statistical interactions with a small number of neighbors of an entity, real life economic and financial activities may be effectively described. A computer simulator is developed to run empirical experiments to assess different coupling structures and parameters of the presented model; it is possible to test many economic and financial models and policies in terms of their transient and steady-state consequences.
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Computational Economics
Publisher
Springer
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Language
English