B. Conlee, C-Y. Yang, J. D. Farmer, J. Geanakoplos, J. Goldstein, M. Hendrey, N.M. Palmer, P. Howitt, R. Axtell
Summary: Macroeconomists were completely surprised by the financial crisis of 2007–2009. Up until then they had concentrated on macroeconomics with a capital M: global imbalances, interest rates, monetary policy. Few foresaw the central role the housing market and mortgage securities would play in the crash. It is now universally recognized that real estate and housing bubbles played an important role in the most […]
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R. Axtell
Summary: A model in which purposive agents self-organize into teams is demonstrated to closely reproduce empirical data on the population of U.S. firms. There are increasing returns within teams and agents move between teams or start new teams when it is in their self-interest. Nash equilibria of the team formation game exist but are unstable. Dynamics […]
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