Financial linkages smooth the shocks faced by individual components of the system, but they also create a wedge between ownership and decision-making. The classical intuition on the role of pooling risk in raising welfare is valid when ownership is evenly dispersed. However, when the ownership of some agents is concentrated in the hands of a few others, greater integration and diversification c...

We consider open multi-class queueing networks with general arrival processes, general processing time sequences and Bernoulli routing. The network is assumed to be operating under an arbitrary work-conserving scheduling policy that makes the system stable. An example is a generalized Jackson network with load less than unity and any work conserving policy. We find a simple diffusion limit for ...

In a recent paper [5] it was shown that under suitable conditions stationary distributions of the (scaled) queue lengths process for a generalized Jackson network converge to the stationary distribution of the associated reflected Brownian motion in the heavy traffic limit. The proof relied on certain exponential integrability assumptions on the primitives of the network. In this note we provid...

We study a model of opinion exchange in social networks where state the world is realized and every agent receives zero-mean noisy signal state. It known from Golub Jackson that under DeGroot dynamics agents reach consensus which close to when network large. The dynamics, however, highly non-robust presence single `bot' does not adhere updating rule, can sway public any other value.

For a French neurologist whose neurological training has been carried out at the school of the Salpetriere, Paris, Queen Square seems to be, in a certain way, London's Salpetriere. This assumption may be partly true, since these two famous hospitals have been for years dedicated to the nursing and to the study of the diseases of the nervous system, and both have a rich and peculiar tradition an...