Complexity, concentration and contagion: A comment
Name
Lo_Complexity concentration.pdf
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670.01 KB
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Adobe PDF
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e2679efd770387bd7214714a93ac9106
Author(s)
Lo, Andrew W.
Date Issued
July 2011
Journal
Journal of Monetary Economics
Publisher
Elsevier
Citation
Lo, Andrew W. “Complexity, Concentration and Contagion: A Comment.” Journal of Monetary Economics 58, no. 5 (July 2011): 471–479.
Version
Author's final manuscript
Abstract
Although the precise origins of the term “complex adaptive system” are unclear, nevertheless, the hackneyed phrase is now firmly ensconced in the lexicon of biologists, physicists, mathematicians, and, most recently, economists. However, as with many important ideas that become cliches, the original meaning is often obscured and diluted by popular usage. But thanks to the fascinating article by Gai, Haldane, and Kapadia (hereafter GHK), we have a concrete and practical instantiation of a complex adaptive system in economics, one that has real relevance to current policy debates regarding financial reform.
MIT Department
Sloan School of Management
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Creative Commons Attribution
Persistent DSpace Link
DOI of Published Version
http://dx.doi.org/10.1016/j.jmoneco.2011.06.001
