Related papers: Statehood Without Capacity
In the General Theory, Keynes remarked that the economy's state depends on expectations, and that these expectations can be subject to sudden swings. In this work, we develop a multiple equilibria behavioural business cycle model that can…
The main objective of this paper is to fill a critical gap in the literature by analyzing the effects of decentralization on the macroeconomic stability. A survey of the voluminous literature on decentralization suggests that the question…
An ordinal view of independence is studied in the framework of possibility theory. We investigate three possible definitions of dependence, of increasing strength. One of them is the counterpart to the multiplication law in probability…
Numerous works have shown that under mild assumptions unitary dynamics inevitably leads to equilibration of physical expectation values if many energy eigenstates contribute to the initial state. Here, we consider systems driven by…
Classicalization is a phenomenon of redistribution of energy - initially stored in few hard quanta - into the high occupation numbers of the soft modes, described by a final state that is approximately classical. Using an effective…
In a previous paper, we applied a field formalism to analyze capital allocation and accumulation within a microeconomic framework of investors and firms. The financial connections were modeled by a field of stakes, representing the links…
This paper examines the characterizations of equilibrium in economies with public projects. Public goods, as discussed by Mas-Colell (1980), are modeled as elements of an abstract set lacking a unified ordering structure. We introduce the…
It is widely assumed that increases in economic productivity necessarily lead to economic growth. In this paper, it is shown that this is not always the case. An idealized model of an economy is presented in which a new technology allows…
The article introduces a notion of a stochastic game with failure states and proposes two logical systems with modality "coalition has a strategy to transition to a non-failure state with a given probability while achieving a given goal."…
The article develops a general equilibrium model where power relations are central in the determination of unemployment, profitability, and income distribution. The paper contributes to the market forces versus institutions debate by…
Political polarization can be beneficial to competing political parties. I study how electoral competition itself generates incentives to polarize voters, even when parties are ex ante identical and motivated purely by political power,…
Social and political polarization is a significant source of conflict and poor governance in many societies. Thus, understanding its causes has become a priority of scholars across many disciplines. Here we demonstrate that shifts in…
I study how political bias and audience costs impose domestic institutional constraints that affect states' capacity to reach peaceful agreements during crises. With a mechanism design approach, I show that the existence of peaceful…
In this chapter the complex systems are discussed in the context of economic and business policy and decision making. It will be showed and motivated that social systems are typically chaotic, non-linear and/or non-equilibrium and therefore…
Bound state formation is a classic feature of quantum mechanics, where a particle localizes in the vicinity of an attractive potential. This is typically understood as the particle lowering its potential energy. In this article, we discuss…
The concept of 'Stateless Ethereum' was conceived with the primary aim of mitigating Ethereum's unbounded state growth. The key facilitator of Stateless Ethereum is through the introduction of 'witnesses' into the ecosystem. The changes and…
Passive states are special configurations of a quantum system which exhibit no energy decrement at the end of an arbitrary cyclic driving of the model Hamiltonian. When applied to an increasing number of copies of the initial density…
We study coalition formation problems in the presence of externalities, focusing on settings where agents exhibit myopic expectations, that is, they evaluate potential deviations based solely on the immediate outcome, assuming no further…
Political polarization is perceived as a threat to democracies. Using the Galam model of opinion dynamics deployed in a five-dimensional parameter space, I show that polarization is the byproduct of an essential hallmark of a vibrant…
Economic withholding in electricity markets refers to generators bidding higher than their true marginal fuel cost, and is a typical approach to exercising market power. However, existing market designs require storage to design bids…