Related papers: Comment on 'Asset Bubbles and Overlapping Generati…
A general theory of innovation and progress in human society is outlined, based on the combat between two opposite forces (conservatism/inertia and speculative herding "bubble" behavior). We contend that human affairs are characterized by…
We show, in this report, how a population balance model differential equation describing batch crystal growth from solution can be solved in closed form for the case of diffusion limited growth with and without modeling the effects of…
I will discuss the development of inflationary theory and its present status, as well as some recent attempts to suggest an alternative to inflation. In particular, I will argue that the ekpyrotic scenario in its original form does not…
I introduce a new way of decomposing the evolution of the wealth distribution using a simple continuous time stochastic model, which separates the effects of mobility, savings, labor income, rates of return, demography, inheritance, and…
We show that infinite divisibility of a trading commodity leads to a self-sustained price bubble when traders use adaptive investment strategies. The adaptive strategy can be viewed as a psychological response of a trader to the situation…
We consider a toy model of rate independent droplet motion on a surface with contact angle hysteresis based on the one-phase Bernoulli free boundary problem. We introduce a notion of solutions based on an obstacle problem. These solutions…
Recently, the existence of so-called granular bubbles and droplets has been demonstrated experimentally. Granular bubbles and droplets are clusters of particles that respectively rise and sink if submerged in an aerated and vibrated bed of…
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…
The financial crisis of 2008, which started with an initially well-defined epicenter focused on mortgage backed securities (MBS), has been cascading into a global economic recession, whose increasing severity and uncertain duration has led…
In a brief reflection on the principles of human society, P. A. M. Dirac articulated a structural tension between two widely affirmed norms: that it is good and natural for parents to improve the prospects of their own children, and that…
We develop a continuous-time general equilibrium framework for economies with a heterogeneous population -- modeled as a continuum -- that repeatedly optimizes over short horizons under relative-income (Duesenberry-type) criteria. The…
Economic growth depends on capital investments and on investments in education and innovation. The model introduced here will specifiy aggregate output as determined by aggregate supply of capital and education investment. After formulating…
We investigate by direct numerical simulations the flow that rising bubbles cause in an originally quiescent fluid. We employ the Eulerian-Lagrangian method with two-way coupling and periodic boundary conditions. In order to be able to…
We develop our recent suggestion that inflation may be made past eternal, so that there is no initial cosmological singularity or "beginning of time". Inflation with multiple vacua generically approaches a steady-state statistical…
This paper resolves Aaron's social insurance paradox, which suggests that introducing a pay-as-you-go (PAYG) pension system increases welfare when population growth plus average wage growth exceeds interest rates. Using a simplified…
It has been suggested that innovations occur mainly by combination: the more inventions accumulate, the higher the probability that new inventions are obtained from previous designs. Additionally, it has been conjectured that the…
We find a rather unique extension of inflationary scenario which avoids selfreproduction and thus resolves the problems of multiverse, predictability and initial conditions. In this theory the amplitude of the cosmological perturbations is…
The prototype hybrid SUSY SU(5) inflation models, while well motivated from particle physics, and while allowing an acceptable inflationary phase with little or no fine tuning, are shown to have two fundamental phenomenological problems.…
This paper proposes a non-phenomenological model of population growth that is based on the interactions between the individuals that compose the system. It is assumed that the individuals interact cooperatively and competitively. As a…
When a bubble of air rises to the top of a highly viscous liquid, it forms a dome-shaped protuberance on the free surface. Unlike a soap bubble, it bursts so slowly as to collapse under its own weight simultaneously, and folds into a…