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A primer on reflexivity and price dynamics under systemic risk


  • Tom Fischer


A simple quantitative example of a reflexive feedback process and the resulting price dynamics after an exogenous price shock to a financial network is presented. Furthermore, an outline of a theory that connects financial reflexivity, which stems from cross-ownership and delayed or incomplete information, and no-arbitrage pricing theory under systemic risk is provided.

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  • Tom Fischer, 2013. "A primer on reflexivity and price dynamics under systemic risk," Papers 1301.6415,
  • Handle: RePEc:arx:papers:1301.6415

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    1. Cross, Rod & Strachan, Douglas, 1997. "On George Soros and Economic Analysis," Kyklos, Wiley Blackwell, vol. 50(4), pages 561-574.
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