Network-based targeting is valuable in many applications such as diffusion of new technology, product promotion in marketing, among others. Nevertheless, how to quantitatively measure the effectiveness of targeting strategies remains a challenge. This paper studies a class of network games with...

The modern financial system features complicated financial intermediation chains, with each layer performing a certain degree of credit/maturity transformation. We develop a dynamic model in which an entrepreneur borrows from overlapping-generation households via layers of funds, forming a...