Modeling economic activities and random catastrophic failures of financial networks via gibbs random fields

Onural, LeventPınar, Mustafa ÇelebiFırtına, Can2021-03-172021-03-172020Computational Economicshttp://hdl.handle.net/11693/75950The 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.EnglishEconomic networksFinancial networksGibbs random fieldsMarkov random fieldsMetropolis algorithmModeling economic activities and random catastrophic failures of financial networks via gibbs random fieldsArticle10.1007/s10614-020-10023-31572-9974