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How safe are central counterparties in credit default swap markets?
We propose a general framework for estimating the vulnerability to default by a central counterparty (CCP) in the credit default swaps market. Unlike...
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Stochastic Adaptive Dynamics
Economic systems often involve large numbers of agents whose behaviour, and patterns of interaction, have stochastic components. The dynamic...
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Learning and Evolution in Games: Adaptive Heuristics
A ‘heuristic’ is a method or rule for solving problems; in game theory it refers to a method for learning how to play. Such a rule is ‘adaptive’ if...
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Condorcet, Marie Jean Antoine Nicolas Caritat, Marquis de (1743–1794)
Condorcet was a French mathematician and philosopher. With many of his fellow encyclopédistes he shared the conviction that social sciences are...
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Social Norms
The function of a social norm is to coordinate people’s expectations in interactions that possess multiple equilibria. Norms govern a wide range of...
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Adaptive Learning in Systems of Interacting Agents
A learning rule is adaptive if it is simple to compute, requires little information about the actions of others, and is plausible as a model of...
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Stochastic Adaptive Dynamics
Economic systems often involve large numbers of agents whose behaviour, and patterns of interaction, have stochastic components. The dynamic...
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Social Norms
Social norms are customary rules of behaviour that coordinate our interactions with others. Once a particular way of doing things becomes established...
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Learning and Evolution in Games: Adaptive Heuristics
‘Adaptive heuristics’ are simple behavioural rules that are directed towards payoff improvement but may be less than fully rational. The number and...
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Condorcet, Marie Jean Antoine Nicolas Caritat, Marquis de (1743–1794)
Condorcet was a French mathematician and philosopher. With many of his fellow encyclopédistes he shared the conviction that social sciences are...
-
Learning and Evolution in Games: Adaptive Heuristics
A ‘heuristic’ is a method or rule for solving problems; in game theory it refers to a method for learning how to play. Such a rule is ‘adaptive’ if...
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Social Norms
The function of a social norm is to coordinate people’s expectations in interactions that possess multiple equilibria. Norms govern a wide range of...
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Stochastic Adaptive Dynamics
Stochastic adaptive dynamics require analytical methods and solution concepts that differ in important ways from those used to study deterministic...
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Learning with Hazy Beliefs
Consider a game that is played infinitely often by a set of boundedly rational players. At the beginning of each period, each agent has a belief...