CRITICAL EVENTS

Victor E. Jennings, Bill Lloyd-Smith and Duncan Ironmonger

No 1177, Department of Economics - Working Papers Series from The University of Melbourne

Abstract: This paper outlines the beginnings of a general theory of critical events. Four types are defined. Two are micro-events each affecting a small number of people and are shown to arise in everyday life. Two are macro-events that affect large numbers of people and are related to ‘shocks’ in economic theory. The paper makes some suggestions for a statistical theory of critical events, supported by well-known results from the theory of stochastic processes. Many examples are provided to illustrate the four suggested types of critical events. Finally, some strategies for coping with and/or anticipating critical events are briefly outlined.

Keywords: Critical events; Poisson processes; Phase transitions; Networks; Households. (search for similar items in EconPapers)
Pages: 50 pages
Date: 2014
New Economics Papers: this item is included in nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:mlb:wpaper:1177

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