Related papers: Housing Bubbles with Phase Transitions

The nonequilibrium phase transition in a system of diffusing, coagulating particles in the presence of a steady input and evaporation of particles is studied. The system undergoes a transition from a phase in which the average number of…

We study the out of equilibrium dynamics of inflationary phase transitions and compute the resulting spectrum of metric perturbations relevant to observation. We show that simple single field models of inflation may produce an adiabatic…

We show that a large effective number of commodities can be a source of equilibrium stability and uniqueness: expanding substitution opportunities strengthens aggregate substitution effects. We study finite dated-commodity exchange…

In this Letter, we briefly review the multi-stream inflation scenario, and discuss its implications in the string theory landscape and the inflationary multiverse. In multi-stream inflation, the inflation trajectory encounters bifurcations.…

We study a class of heterogeneous agent-based models which are based on a basic set of principles, and the most fundamental operations of an economic system: trade and product transformations. A basic guiding principle is scale invariance,…

The notion that economies should normally be in equilibrium is by now well-established; equally well-established is that economies are almost never precisely in equilibrium. Using a very general formulation, we show that under dynamics that…

We investigate density perturbations in the chain inflation scenario, where the inflaton undergoes successive tunneling transitions along one field direction. First we show that when the bubble walls associated with such a phase transition…

We propose a novel multi-layered nonlinear model that is able to capture and predict the housing-demographic dynamics of the real-state market by simulating the transitions of owners among price-based house layers. This model allows us to…

Making use of both the stochastic approach to the tunneling phenomenon and the threshold statistics, we offer a simple argument to show that critical bubbles may be correlated in first-order phase transitions and biased compared to the…

We provide a stochastic analysis of an overlapping-generations model under incomplete markets. By casting individual optimisation with idiosyncratic income risk into a forward-backward stochastic differential equation (FBSDE) system, we (i)…

We study the observable implications of an incomplete first order phase transition during inflation. In such a phase transition, the nucleated bubbles do not percolate and instead are continuously produced until the onset of reheating. The…

We address the issue of fine-tuning of the initial field configuration that can lead to hybrid inflation in the context of global supersymmetry. This problem is generated by the difference between the energy scale at which the Universe…

A unified approach to quintessence and inflation is investigated with the use of a single scalar field. It is argued that successful potentials have to approximate a combination of exponential and inverse power-law decline in the limit of…

We study statistical relationships between bubble walls in cosmological first-order phase transitions. We consider the conditional and joint probabilities for different points on the walls to remain uncollided at given times. We use these…

We propose two general equilibrium models, quota equilibrium and emission tax equilibrium. The government specifies quotas or taxes on emissions, then refrains from further action. Quota equilibrium exists; the allocation of emission…

In our model, $n$ traders interact with each other and with a central bank; they are taxed on the money they make, some of which is dissipated away by corruption. A generic feature of our model is that the richest trader always wins by…

We propose a sequential monitoring scheme to find structural breaks in real estate markets. The changes in the real estate prices are modeled by a combination of linear and autoregressive terms. The monitoring scheme is based on a detector…

We study the formation of derivative prices in equilibrium between risk-neutral agents with heterogeneous beliefs about the dynamics of the underlying. Under the condition that the derivative cannot be shorted, we prove the existence of a…

In nature and human societies, the effects of homogeneous and heterogeneous characteristics on the evolution of collective behaviors are quite different from each other. It is of great importance to understand the underlying mechanisms of…

We analyze the linear response of a market network to shocks based on the bipartite market model we introduced in an earlier paper, which we claimed to be able to identify the time-line of the 2009-2011 Eurozone crisis correctly. We show…