Time delay in communication(information) flow is often found in many network systems. Inspired by volatility spillovers and clustering explained by “flocking” mechanism, we study the effect of the time delay in our model system of heterogeneous stock returns' volatilities. Our model is a...

We propose a framework covering multi-country and multi-generation diffusion processes. Our model focuses on choice-based diffusion model and we extend the model to incorporate heterogeneity of country. We decompose the choice probability for generation into two components; the first one is...