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We study the collective behavior of interacting agents in a simple model of market economics originally introduced by N{\o}rrelykke and Bak. A general theoretical framework for interacting traders on an arbitrary network is presented, with…
Quantum criticality provides an important route to revealing universal non-equilibrium behaviour. A canonical example of a quantum critical point is the Bose-Hubbard model, which we study under the application of an electric field. A…
We identify a new universality class of phase transitions that arises in non-normal systems, challenging the classical view that transitions require eigenvalue instabilities. In traditional bifurcation theory, critical phenomena emerge when…
We study Markov decision problems where the agent does not know the transition probability function mapping current states and actions to future states. The agent has a prior belief over a set of possible transition functions and updates…
In the paper, the principal aspects of the mathematical theory of equilibrium thermodynamics are distinguished. It is proved that the points of degeneration of a Bose gas of fractal dimension in the momentum space coincide with critical…
Trading a financial asset pushes its price as well as the prices of other assets, a phenomenon known as cross-impact. The empirical estimation of this effect on complex financial instruments, such as derivatives, is an open problem. To…
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 network model with minimal dynamical rules that reduce…
In an incomplete semimartingale model of a financial market, we consider several risk-averse financial agents who negotiate the price of a bundle of contingent claims. Assuming that the agents' risk preferences are modelled by convex…
The term boundary crisis refers to the destruction or creation of a chaotic attractor when parameters vary. The locus of a boundary crisis may contain regions of positive Lebesgue measure marking the transition from regular dynamics to the…
We study the equilibrium simplex of Nica-Pimsner algebras arising from product systems of finite rank on the free abelian semigroup. First we show that every equilibrium state has a convex decomposition into parts parametrized by ideals on…
A prototypical model of symmetry-broken active matter -- biased quorum-sensing active particles (bQSAPs) -- is used to extend notions of dynamic critical phenomena to the paradigmatic setting of driven transport, where characteristic…
Why do capitalist economies recurrently generate crises whose severity is disproportionate to the size of the triggering shock? This paper proposes a structural answer grounded in the evolutionary geometry of production networks. As…
This paper studies the equilibrium price of an asset that is traded in continuous time between N agents who have heterogeneous beliefs about the state process underlying the asset's payoff. We propose a tractable model where agents maximize…
We introduce a heterogeneous formulation of a contagious McKean-Vlasov system, whose inherent heterogeneity comes from asymmetric interactions with a natural and highly tractable structure. It is shown that this formulation characterises…
Boundary conditions may change the phase diagram of non-equilibrium statistical systems like the one-dimensional asymmetric simple exclusion process with and without particle number conservation. Using the quantum Hamiltonian approach, the…
We study a large economy in which firms cannot compute exact solutions to the non-linear equations that characterize the equilibrium price at which they can sell future output. Instead, firms use polynomial expansions to approximate prices.…
The use of emergent constraints to quantify uncertainty for key policy relevant quantities such as Equilibrium Climate Sensitivity (ECS) has become increasingly widespread in recent years. Many researchers, however, claim that emergent…
The payback period is unambiguously defined for conventional investment projects, projects in which a series of cash outflows is followed by a series of cash inflows. Its definition for nonconventional projects is more challenging, since…
Financial global crisis has devastating impacts to economies since early XX century and continues to impose increasing collateral damages for governments, enterprises, and society in general. Up to now, all efforts to obtain efficient…
Dynamical phase transitions (DPTs) characterize critical changes in system behavior occurring at finite times, providing a lens to study nonequilibrium phenomena beyond conventional equilibrium physics. While extensively studied in quantum…