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We explore the properties of a credit network characterized by inside credit - i.e. credit relationships connecting … of the network changes over time due to the preferred-partner choice rule: each agent chooses the partner who charges the …
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This collection of essays reflects how modern economics has been shaped by Joseph Stiglitz, one of the world's greatest economists. The contributions to this volume, all penned by high-profile authors who have been guided by or collaborated with Stiglitz over the last five decades, span...
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Joseph Stiglitz is one of the world’s greatest economists. He has made fundamental contributions to economic theory in …
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We characterize the evolution over time of a network of credit relations among financial agents as a system of coupled … network of liabilities among agents. The average level of risk diversification of the agents coincides with the density of … links in the network. In addition to a process of diffusion of financial distress, we also consider a discrete process of …
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