Grada, Cormac O; Kelly, Morgan - In: American Economic Review 90 (2000) 5, pp. 1110-1124
To test a model of contagion--where individuals hear some bad news and communicate it to their acquaintances, who then pass it on, leading to a market panic--requires a knowledge of the information networks of participants, something hitherto unavailable. For two panics in the 1850s this paper...