In this paper we review recent advances in financial economics in relation to the measurement of systemic risk. We start by reviewing studies that apply traditional measures of risk to financial institutions. However, the main focus of the review is on studies that use network analysis paying...

This paper studies data from the wholesale fruit and vegetables market in Marseille. The special feature of the data is that we have details of counteroffers to the prices that were proposed by the seller even when no transaction took place. Each offer, counteroffer and refusal conveys...

It is now widely acknowledged that institutions are a crucial factor in economic performance. Major developments have been made in our understanding of the nature and evolution of economic institutions in the last few years. This book brings together some key contributions in this area by...

This paper discusses economic models in which agents interact directly with each other rather than through the price system as in the standard general equilibrium model. It is suggested that the relationship between micro and macro behaviour is very different than that in the standard model and...

This paper discusses economic models in which agents interact directly with each other rather than through the price system as in the standard general equilibrium model. It is suggested that the relationship between micro and macro behavior is very different than that in the standard model and...

We show that a class of microeconomic behavioral models with interacting agents, introduced by Kirman (1991,1993), can replicate the empirical long-memory properties of the two first conditional moments of financial time series. The essence of these models is that the forecasts and thus the...

Macroeconomic models often assume that the choices of all the diverse agents in one sector—consumers for example—can be considered as the choices of one "representative" standard utility maximizing individual whose choices coincide with the aggregate choices of the heterogeneous individuals....