10 citations · 11 across the 5 of their papers we have counts for
30 papers
Economic Crises in a Model with Capital Scarcity and Self-Reflexive Confidence
Federico Guglielmo Morelli, Karl Naumann-Woleske, Michael Benzaquen +2
In the General Theory, Keynes remarked that the economy's state depends on expectations, and that these expectations can be subject to sudden swings. In this work, we develop a mul…
A new spin on optimal portfolios and ecological equilibria
Jerome Garnier-Brun, Michael Benzaquen, Stefano Ciliberti +1
We consider the classical problem of optimal portfolio construction with the constraint that no short position is allowed, or equivalently the valid equilibria of multispecies Lotk…
Crisis Propagation in a Heterogeneous Self-Reflexive DSGE Model
Federico Guglielmo Morelli, Michael Benzaquen, Jean-Philippe Bouchaud +1
We study a self-reflexive DSGE model with heterogeneous households, aimed at characterising the impact of economic recessions on the different strata of the society. Our framework…
Why does individual learning endure when crowds are wiser?
Benoît de Courson, Léo Fitouchi, Jean-Philippe Bouchaud +1
The ability to learn from others (social learning) is often deemed a cause of human species success. But if social learning is indeed more efficient (whether less costly or more ac…
Out-of-Equilibrium Dynamics and Excess Volatility in Firm Networks
Théo Dessertaine, José Moran, Michael Benzaquen +1
We study the conditions under which input-output networks can dynamically attain a competitive equilibrium, where markets clear and profits are zero. We endow a classical firm netw…
A Stationary Kyle Setup: Microfounding propagator models
Michele Vodret, Iacopo Mastromatteo, Bence Tóth +1
We provide an economically sound micro-foundation to linear price impact models, by deriving them as the equilibrium of a suitable agent-based system. Our setup generalizes the wel…