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The Asymmetric Effect of Diffusion Processes: Risk Sharing and Contagion

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Author Info
Mauro Gallegati
Bruce Greenwald
Matteo Richiardi
Joseph Stiglitz

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Abstract

We provide a general characterization of diffusion processes, allowing to analyze both risk-sharing and contagion at the same time. We show that interdependencies are beneficial when the economic environment is favorable, and detrimental when the economic environment deteriorates. The risk of contagion increases the volatility of outcome and thus reduces the ability of the network to provide risk-sharing.

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Publisher Info
Paper provided by LABORatorio R. Revelli, Centre for Employment Studies in its series LABORatorio R. Revelli Working Papers Series with number 72.

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Date of creation: 2007
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Handle: RePEc:cca:wplabo:72

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Related research
Keywords: Risk-sharing; Contagion; Networks.;

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Find related papers by JEL classification:
D85 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Network Formation

Cited by:
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  1. Soete, Luc, 2009. "Malthus' Revenge," UNU-MERIT Working Paper Series 030, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology. [Downloadable!]
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This page was last updated on 2009-11-7.

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