We build a statistical ensemble representation of two economic models describing respectively, in simplified terms, a payment system and a credit market. To this purpose we adopt the Boltzmann-Gibbs distribution where the role of the Hamiltonian is taken by the total money supply (i.e. including...

We represent an exchange economy in terms of statistical ensembles for complex networks by introducing the concept of market configuration. In this way, starting from economic reasoning, we obtain a sound interpretation of the typical network variables in terms of thermodynamic quantities...

We represent an exchange economy in terms of statistical ensembles for complex networks by introducing the concept of market configuration. In this way, starting from economic reasoning, we obtain a sound interpretation of the typical network variables in terms of thermodynamic quantities...

We maximize the expected utility from terminal wealth for an HARA investor when the market price of risk is an unobservable random variable. We compute the optimal portfolio explicitly and explore the effects of learning by comparing it with the corresponding myopic policy. In particular, we...

In this paper we deal with an Overlapping Generations Model with production under three diverse assumptions about agents rationality; rational, adaptive and myopic expectations. We determine a uniqueness condition for stationary steady states in the model with perfect foresight which rests on...

Consider the following question. Is it possible to generalize the Comparison Test to generic real series? At first glance, many (certainly the authors) could argue something like "If it were true then it certainly would be written in some of the books standing on the shelves in my room." As a...

The interbank market is considered one of the most important channels of contagion. Its network representation, where banks and claims/obligations are represented by nodes and links (respectively), has received a lot of attention in the recent theoretical and empirical literature, for assessing...

How did business networks among Italian firms evolve over time? We address this question by analyzing the Italian corporate boards network in four years (1952, 1960, 1972, 1983) with network theoretical methods. We find some typical properties of these networks, such as sparsity and...

The interbank market has a natural multiplex network representation. We employ a unique database of supervisory reports of Italian banks to the Banca d'Italia that includes all bilateral exposures broken down by maturity and by the secured and unsecured nature of the contract. We find that...

In this paper we aim to introduce the reader to some basic concepts and instruments used in a wide range of economic networks models. In particular, we adopt the theory of random networks as the main tool to describe the relationship between the organization of interaction among individuals...