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Critical Events

Author

Listed:
  • Victor E. Jennings
  • Bill Lloyd-Smith
  • Duncan Ironmonger

Abstract

This paper outlines the beginnings of a general theory of critical events. Four types are defined. Two are micro-events each affecting a small number of people and are shown to arise in everyday life. Two are macro-events that affect large numbers of people and are related to ‘shocks’ in economic theory. The paper makes some suggestions for a statistical theory of critical events, supported by well-known results from the theory of stochastic processes. Many examples are provided to illustrate the four suggested types of critical events. Finally, some strategies for coping with and/or anticipating critical events are briefly outlined.

Suggested Citation

  • Victor E. Jennings & Bill Lloyd-Smith & Duncan Ironmonger, 2014. "Critical Events," Department of Economics - Working Papers Series 1177, The University of Melbourne.
    • Handle: RePEc:mlb:wpaper:1177
    as

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    File URL: http://fbe.unimelb.edu.au/__data/assets/pdf_file/0010/935740/Victor_E._Jennings,_Bill_Lloyd-Smith_and_Duncan_Ironmonger.pdf
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    References listed on IDEAS

    as
    1. Ironmonger, D.S. & Lloyd-Smith, C.W. & Soupourmas, F., 2000. "New Products of the 80s & 90s: the Diffusion of Household Technology in the Decade 1985-1995," Department of Economics - Working Papers Series 744, The University of Melbourne.
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      Keywords

      Critical events; Poisson processes; Phase transitions; Networks; Households.;
      All these keywords.

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