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Financial network games

Panagiotis Kanellopoulos, Maria Kyropoulou, Hao Zhou
2021 Proceedings of the Second ACM International Conference on AI in Finance  
We study financial systems from a game-theoretic standpoint.  ...  We are the first to study financial network games that arise under a natural set of payment strategies called priority-proportional payments.  ...  Financial network games. These games arise naturally when we view the firms as strategic agents.  ... 
doi:10.1145/3490354.3494391 fatcat:szbxbzwvv5dpfndqlvvg6hnxmu

Financial Network Games [article]

Panagiotis Kanellopoulos, Maria Kyropoulou, Hao Zhou
2021 arXiv   pre-print
We study financial systems from a game-theoretic standpoint.  ...  We are the first to study financial network games that arise under a natural set of payment strategies called priority-proportional payments.  ...  Financial network games. These games arise naturally when we view the firms as strategic agents.  ... 
arXiv:2107.06623v1 fatcat:hfb3rjonrbgc3mkmlbhrrjoywi

Seniorities and Minimal Clearing in Financial Network Games [article]

Martin Hoefer, Lisa Wilhelmi
2022 arXiv   pre-print
Financial network games model payment incentives in the context of networked liabilities.  ...  In this paper, we advance the understanding of incentives in financial networks in two important directions: minimal clearing (arising, e.g., as a result of sequential execution of payments) and seniorities  ...  Therefore, in this paper, we consider financial network games (or clearing games) [1] , a novel game-theoretic framework based on the classic network model by Eisenberg and Noe [4] .  ... 
arXiv:2205.15628v1 fatcat:hzwkkfothrda7k5may7nodse6a

Changing the Rules of the Game: Offshore Financial Centers, Regulatory Competition & Financial Crises

Andrew P. Morriss
2009 Social Science Research Network  
doi:10.2139/ssrn.1501402 fatcat:h4riu7vh45fgfmufzbnasdcviq

Eco-Friendly Policies and Financial Performance: Was the Financial Crisis a Game Changer for Large US Companies?

Mikael Petitjean
2019 Social Science Research Network  
t he financial cr isis (2008) (2009) .  ...  We al so coll ect financial data from t he annual r eport s on Bl oomberg t o assess financial per for mance.  ... 
doi:10.2139/ssrn.3769043 fatcat:askt5a4gtng5dk67r3lzb5e6fy

Game-Theoretic Model of Financial Markets with Two Risky Assets

Victor Domansky, Victoria Kreps
2012 Social Science Research Network  
This makes it reasonable to consider the bidding of unlimited duration that is reduced to the infinite game G ∞ (p). We offer the solutions for these games.  ...  Next, we build the optimal strategies of Player 1 for bidding games G ∞ (p) with arbitrary distributions p as convex combinations of his optimal strategies for such games with distributions having two-and  ...  From this moment, the game turn into one of games with distributions having two-point supports.  ... 
doi:10.2139/ssrn.2100375 fatcat:obrgif6rbbajldl6oo33ap2olm

Complex Network Minority Game Model for the Financial Market Modeling and Simulation

Lingyun Chen, Wei Wang
2020 Complexity  
This paper proposes a new financial market model based on the analysis of the minority game model.  ...  The agent in this model forms a network through information sharing, and the agent uses the minority game model to realize the evolution of the system.  ...  Figure 1 : 1 Common modeling methods and processes in financial markets. Complexity Figure 2 : 2 Complex network minority game model financial market modeling process.  ... 
doi:10.1155/2020/8877886 fatcat:ajc2sast2beu5gq54vfqd5d4i4

Balancing International Financial Data: Fun and Games with GAMS and Cross-Entropy

Andre Lemelin
2011 Social Science Research Network  
Abstract: In balancing international financial data (Lane and Milesi-Ferretti, 2006) , contrary to most matrix adjustment problems, the only constraints are that, for any given category of assets and liabilities  ...  Indeed, it can hardly be done anywhere except in games of chance.  ...  Introduction Under the title « The External Wealth of Nations, Mark II » (EWN-II), Lane and Milesi-Ferretti (2006) (hereafter LMF) have published downloadable international financial data for the years  ... 
doi:10.2139/ssrn.3170973 fatcat:mq27pqhmdndtvdjgsco2fm4744

Positive Expectations Feedback Experiments and Number Guessing Games as Models of Financial Markets

Joep Sonnemans, Jan Tuinstra
2008 Social Science Research Network  
Both types of experimental designs have been suggested as modeling essential aspects of financial markets.  ...  In repeated number guessing games choices typically converge quickly to the Nash equilibrium.  ...  prices or financial markets.  ... 
doi:10.2139/ssrn.1260845 fatcat:jb7kduz2irdxxkwduk2nuspe2i

Speculative Attacks and Financial Architecture: Experimental Analysis of Coordination Games with Public and Private Information

Frank Heinemann, Rosemarie Nagel, Peter Ockenfels
2002 Social Science Research Network  
This has triggered a discussion on the optimal policy to release information to financial markets in order to prevent crises with self-fulfilling features.  ...  Speculative Attacks are a coordination game with multiple equilibria: If a sufficient number of traders expect devaluation, market pressure forces the central bank to abandon a currency peg that it would  ...  Introduction Transparency and the optimal way to disclose central bank information are among the main topics within the current discussion on financial architecture.  ... 
doi:10.2139/ssrn.302820 fatcat:bozm6ic7ejfkji2x7busts77s4

Trust and Financial Trades: Lessons from an Investment Game Where Reciprocators can Hide Behind Probabilities

Radu Vranceanu, Angela Sutan, Delphine Dubart
2010 Social Science Research Network  
This paper shows that if a very small, exogenously given probability of terminating the exchange is introduced in an elementary investment game, more reciprocators will choose the defection strategy.  ...  Financial assets all come with a predetermined and contractual probability that by the time when the buyer has to receive the reward for his investment, "bad luck" might have brought the asset value down  ...  Trust is much needed on financial markets.  ... 
doi:10.2139/ssrn.1611666 fatcat:3pa2hre5ofel7ithyzmwr3mpdu

Doves and Hawks in Economics Revisited: An Evolutionary Quantum Game Theory-Based Analysis of Financial Crises

Jennifer Kunz, Steffen Bernius, Wolfgang Koenig, Matthias Hanauske
2010 Social Science Research Network  
The last financial and economic crisis demonstrated the dysfunctional long-term effects of aggressive behaviour in financial markets.  ...  However, as the consequences of the financial crisis exhibit, it would be desirable to change the "rules of the game" in a way that prevents the occurrence of any aggressive behaviour and thereby also  ...  Acknowledgments M.H. wants to thank John Forbes Nash Jr. for the inspiring discussion during the Third Congress of the Game Theory Society (Games 2008).  ... 
doi:10.2139/ssrn.1597735 fatcat:g2ftmaqsajfbjfd4ydtw5gfg4u

Insuring the Never Before Insured: Explaining Index Insurance Through Financial Education Games

Michael R. Carter, Christopher B. Barrett, Stephen Boucher, Sommarat Chantarat, Francisco Galarza, John G. McPeak, Andrew G. Mude, Carolina Trivelli
2008 Social Science Research Network  
A key feature of this game is that participants receive a payout based on their financial outcomes in the game and their decision whether or not to purchase insurance.  ...  The goal of experimental economics games for financial literacy is somewhat different, as a primary motive of the game is to assist learning about an unknown insurance product.  ... 
doi:10.2139/ssrn.1845513 fatcat:gldxrimxufgolccpfigq7a2chi

Cointegration Test with Stationary Covariates and the CDS-Bond Basis During the Financial Crisis

Jason Wu, Aaron Game
2011 Social Science Research Network  
The new test is used to test for cointegration between Credit Default Swap (CDS) and corporate bond spreads for a panel of U.S. firms during the 2007-2009 financial crisis.  ...  We revisit this cointegration relationship during the financial crisis, which we define as July 2007 to July 2009.  ...  Section 4 presents CADF tests for cointegration between CDS and bond spreads during the financial crisis, and section 5 concludes.  ... 
doi:10.2139/ssrn.1809980 fatcat:yyyu6eao7ve4xlwwk22orofraa

Financial innovation, coordination games, and networks

Miret Padovani
2010
This paper on interaction games on financial networks is a first step towards a number of related issues I aim to address in future work. 13 First of all, it would be interesting to analyze how the results  ...  In the following sections, I analyze microfinance games on specific network structures.  ...  By studying internode relationships in terms of local interaction games, I address the issue of whether and how network structure and social cohesion may spread coordination on safe investment choices  ... 
doi:10.5167/uzh-163916 fatcat:h4b2yk24zfevfpe6hyp3yegnn4
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