D. DELLI GATTI (Institute of Quantitative Methods and Economic Theory, Catholic University of Milan, Largo Gemelli 1, I-20123 Milano, Italy) C. DI GUILMI (Department of Economics, Università Politecnica delle Marche, Piazzale Martelli 8, I-60100 Ancona, Italy) M. GALLEGATI () (Department of Economics, Università Politecnica delle Marche, Piazzale Martelli 8, I-60100 Ancona, Italy) E. GAFFEO () (Department of Economics and CEEL, University of Trento, Via Inama 5, I-38100 Trento, Italy) G. GIULIONI (Department of Quantitative Methods and Economic Theory, "G. D'Annunzio" University of Chieti-Pescara, Via Pindaro 42, I-65127 Pescara, Italy) A. PALESTRINI (Department of Law in History and Society, University of Teramo, Via Crucioli 122, I-64100 Teramo, Italy)
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The practice of detecting power laws and scaling behaviors in economics and finance has gained momentum in the last few years, due to the increased use of concepts and methods first developed in statistical physics. Some disappointment has emerged in the economic profession, however, as regards the models proposed so far to theoretically explain these phenomena. In this paper we aim to address this criticism, showing that scaling behaviors can naturally emerge in a multiagent system with optimizing interacting units characterized by financial fragility.
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