EconPapers    
Economics at your fingertips  
 

Runs, Panics and Bubbles: Diamond-Dybvig and Morris-Shin Reconsidered

Eric Smith and Martin Shubik ()
Additional contact information
Eric Smith: Santa Fe Institute
Martin Shubik: Cowles Foundation, Yale University, https://economics.yale.edu/people/memoriam/martin-shubik

No 1869, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The basic two-noncooperative-equilibrium-point model of Diamond and Dybvig is considered along with the work of Morris and Shin utilizing the possibility of outside noise to select a unique equilibrium point. Both of these approaches are essentially nondynamic. We add an explicit replicator dynamic from evolutionary game theory to provide for a sensitivity analysis that encompasses both models and contains the results of both depending on parameter settings.

Keywords: Multiple equilibria; Runs; Replicator dynamics; Sensitivity analysis (search for similar items in EconPapers)
JEL-codes: C73 D84 E59 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2012-08
New Economics Papers: this item is included in nep-dge, nep-gth and nep-hpe
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in Annals of Finance (November 2014), 10(4): 603-622

Downloads: (external link)
https://cowles.yale.edu/sites/default/files/files/pub/d18/d1869.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found

Related works:
Journal Article: Runs, panics and bubbles: Diamond–Dybvig and Morris–Shin reconsidered (2014) Downloads
Working Paper: Runs, Panics and Bubbles: Diamond Dybvig and Morris Shin Reconsidered (2012) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cwl:cwldpp:1869

Ordering information: This working paper can be ordered from
Cowles Foundation, Yale University, Box 208281, New Haven, CT 06520-8281 USA
The price is None.

Access Statistics for this paper

More papers in Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University Yale University, Box 208281, New Haven, CT 06520-8281 USA. Contact information at EDIRC.
Bibliographic data for series maintained by Brittany Ladd ().

 
Page updated 2025-03-24
Handle: RePEc:cwl:cwldpp:1869