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Advances in Complex Systems
Journal Prestige (SJR): 0.25
Citation Impact (citeScore): 1
Number of Followers: 10  
 
  Hybrid Journal Hybrid journal (It can contain Open Access articles)
ISSN (Print) 0219-5259 - ISSN (Online) 1793-6802
Published by World Scientific Homepage  [120 journals]
  • NETWORKS, HETEROGENEITY AND EVOLUTION IN ECONOMICS: A SHORT REVIEW

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      Authors: LEONARDO BARGIGLI, GIORGIO RICCHIUTI
      Abstract: Advances in Complex Systems, Volume 25, Issue 02n03, March & May 2022.

      Citation: Advances in Complex Systems
      PubDate: 2022-08-11T07:00:00Z
      DOI: 10.1142/S0219525922020015
      Issue No: Vol. 25, No. 02n03 (2022)
       
  • SECTORAL MARKET POWER IN GLOBAL PRODUCTION: A THEORETICAL AND
           OBSERVATIONAL STUDY

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      Authors: PANAGIOTIS TAKIS ILIOPOULOS, GIORGOS GALANIS, ASHOK KUMAR, LILIT POPOYAN
      Abstract: Advances in Complex Systems, Volume 25, Issue 02n03, March & May 2022.
      In a globalized world, the distribution of value-added across firms depends on a number of factors that vary across space. A key factor is related to the different types of competition on the multilayer structure of production, which are characterized by different types of (market) power. In this paper, we first argue that PageRank centrality is able to capture sectoral market power within the complex structure of global production. We then study the empirical properties of this market power measure and demonstrate a power-law relationship between sectoral PageRank centrality and relative sectoral profits. This power-law relationship has (international) political economy implications as it demonstrates the high incentives of sectors to become more central to increase their relative profits.
      Citation: Advances in Complex Systems
      PubDate: 2022-08-10T07:00:00Z
      DOI: 10.1142/S0219525922400057
      Issue No: Vol. 25, No. 02n03 (2022)
       
  • COUNTERCYCLICAL CAPITAL BUFFERS, BANK CONCENTRATION AND MACROFINANCIAL
           STABILITY IN AN AGENT-BASED MACRO-FINANCIAL FRAMEWORK

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      Authors: MICHAEL NEUNER, CHRISTIAN R. PROAÑO, ALBERTO RUSSO
      Abstract: Advances in Complex Systems, Volume 25, Issue 02n03, March & May 2022.
      This paper examines the impact of countercyclical capital buffers (CCyBs) on financial stability and contributes to the discussion of CCyBs in an agent-based framework. The main focus of this work lies upon the question whether the implementation of CCyBs according to the Basel III framework improves financial stability unconditionally, or at the expense of unintended side effects. For this purpose, we extend the agent-based model of [Riccetti, L., Russo, A. and Gallegati, M., Firm–bank credit network, business cycle and macroprudential policy, J. Econ. Interact. Coord. (2021)] to investigate the effect of credit-to-GDP gap-based CCyBs in general as well as the effects of varying the smoothing parameter lambda [math] of the Hodrick–Prescott (HP) filter within the method of calculating CCyBs. To the best of our knowledge, this study is the first one that investigates systematically how the method of calculating credit-to-GDP gap-based CCyBs may affect macrofinancial dynamics and stability in such an agent-based framework.
      Citation: Advances in Complex Systems
      PubDate: 2022-07-01T07:00:00Z
      DOI: 10.1142/S021952592240001X
      Issue No: Vol. 25, No. 02n03 (2022)
       
  • DETECTING AND MEASURING FINANCIAL CYCLES IN HETEROGENEOUS AGENTS MODELS:
           AN EMPIRICAL ANALYSIS

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      Authors: FILIPPO GUSELLA
      Abstract: Advances in Complex Systems, Volume 25, Issue 02n03, March & May 2022.
      This paper proposes a macroeconometric analysis to depict and measure possible financial cycles that emerge due to the dynamic interaction between heterogeneous market participants. We consider two-type heterogeneous speculative agents: Trend followers tend to follow the price trend while contrarians go against the wind. As agents’ beliefs are unobserved variables, we construct a state-space model where heuristics are considered as unobserved state components and from which the conditions for endogenous cycles can be mathematically derived and empirically tested. Further, we specifically measure the length of endogenous financial cycles. The model is estimated using the equity price index for the 1960–2020 period for the UK, France, Germany, Italy, Ireland, and the USA. We find empirical evidence of endogenous financial cycles for all countries, with the highest frequencies in the USA and the UK.
      Citation: Advances in Complex Systems
      PubDate: 2022-06-22T07:00:00Z
      DOI: 10.1142/S0219525922400021
      Issue No: Vol. 25, No. 02n03 (2022)
       
  • STRATEGICALLY BIASED LEARNING IN MARKET INTERACTIONS

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      Authors: GIULIO BOTTAZZI, DANIELE GIACHINI
      Abstract: Advances in Complex Systems, Volume 25, Issue 02n03, March & May 2022.
      We consider a market economy where two rational agents are able to learn the distribution of future events. In this context, we study whether moving away from the standard Bayesian belief updating, in the sense of under-reaction to some degree to new information, may be strategically convenient for traders. We show that, in equilibrium, strong under-reaction occurs, thus rational agents may strategically want to bias their learning process. Our analysis points out that the underlying mechanism driving ex-ante strategical decisions is diversity seeking. Finally, we show that, even if robust with respect to strategy selection, strong under-reaction can generate low realized welfare levels because of a long transient phase in which the agent makes poor predictions.
      Citation: Advances in Complex Systems
      PubDate: 2022-06-13T07:00:00Z
      DOI: 10.1142/S0219525922500047
      Issue No: Vol. 25, No. 02n03 (2022)
       
  • THE ROLE OF NETWORK EMBEDDEDNESS ON THE SELECTION OF COLLABORATION
           PARTNERS: AN AGENT-BASED MODEL WITH EMPIRICAL VALIDATION

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      Authors: FRANK SCHWEITZER, ANTONIOS GARAS, MARIO V. TOMASELLO, GIACOMO VACCARIO, LUCA VERGINER
      Abstract: Advances in Complex Systems, Volume 25, Issue 02n03, March & May 2022.
      We use a data-driven agent-based model to study the core–periphery structure of two collaboration networks, R&D alliances between firms and co-authorship relations between scientists. To characterize the network embeddedness of agents, we introduce a coreness value obtained from a weighted [math]-core decomposition. We study the change of these coreness values when collaborations with newcomers or established agents are formed. Our agent-based model is able to reproduce the empirical coreness differences of collaboration partners and to explain why we observe a change in partner selection for agents with high network embeddedness.
      Citation: Advances in Complex Systems
      PubDate: 2022-05-25T07:00:00Z
      DOI: 10.1142/S0219525922500035
      Issue No: Vol. 25, No. 02n03 (2022)
       
  • NETWORK ANALYSIS OF THE KYIV BYLYNY CYCLE — EAST SLAVIC EPIC
           NARRATIVES

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      Authors: PETRO SARKANYCH, NAZAR FEDORAK, YURIJ HOLOVATCH, PÁDRAIG MACCARRON, JOSEPH YOSE, RALPH KENNA
      Abstract: Advances in Complex Systems, Ahead of Print.
      In recent times, the advent of network science permitted new quantitative approaches to literary studies. Here, we bring the Kyiv bylyny cycle into the field — East Slavic epic narratives originating in modern-day Ukraine. By comparing them to other prominent European epics, we identify universal and distinguishing properties of the social networks in bylyny. We analyze community structures and rank most important characters. The method allows to bolster hypotheses from humanities literature — such as the position of Prince Volodymyr — and to generate new ones. We show how the Kyiv cycle of bylyny fits very well with narrative networks from other nations — especially heroic ones. We anticipate that, besides delivering new narratological insights, this study will aid future scholars and interested public to navigate their way through Ukraine’s epic story and identify its heroes.
      Citation: Advances in Complex Systems
      PubDate: 2022-09-26T07:00:00Z
      DOI: 10.1142/S0219525922400070
       
  • THE BACKBONE OF THE FINANCIAL INTERACTION NETWORK USING A MAXIMUM ENTROPY
           DISTRIBUTION

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      Authors: MAURICIO A. VALLE, FELIPE URBINA
      Abstract: Advances in Complex Systems, Ahead of Print.
      We modeled the stocks of the financial system as a set of many interacting like spins derived from binary daily returns. From the empirical observation of these returns, we used a Boltzmann machine to infer a distribution of states equivalent to a maximum entropy distribution. This model describes the interaction couplings between each stock pair in the system, which can be considered a complete network with [math][math]1)/2 couplings. We then engage in a coupling removal process to find a critical graph that can describe the observed states of the system with the minimum number of edges. We interpret the critical graph as the backbone of the system, and it allows us to evaluate the importance of markets in their relation to others in the system. We also found that the structure of this critical graph is highly variable over time and appears to be dependent on the level of entropy of the system.
      Citation: Advances in Complex Systems
      PubDate: 2022-08-25T07:00:00Z
      DOI: 10.1142/S0219525922500060
       
  • COMPLEX NETWORK ANALYSIS OF A GRAPHIC NOVEL: THE CASE OF THE BANDE
           DESSINÉE THORGAL

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      Authors: VINCENT LABATUT
      Abstract: Advances in Complex Systems, Ahead of Print.
      The task of extracting and analyzing character networks from works of fiction, such as novels and movies, has been the object of a number of recent publications. However, only a very few of them focus on graphic novels, and even fewer on European graphic novels. In this paper, we focus on Thorgal, a bande dessinée, i.e. a comic of the French-Belgian tradition. We manually annotate all the volumes of this series, in order to constitute a corpus allowing us to extract its character network. We perform a descriptive analysis of the network structure and compare it to real-world and fictional social networks. We also study the effect of character filtering over the network structure. Finally, we leverage complex network analysis tools to answer two research questions from the literature, related to the similarity between Thorgal and the Saga of Icelanders; and to the position of women in the series. Our data and source code are both publicly available online.
      Citation: Advances in Complex Systems
      PubDate: 2022-07-17T07:00:00Z
      DOI: 10.1142/S0219525922400033
       
  • FORKING PATHS OF CULTURAL COMPLEXITY: A CASE STUDY OF RESEARCH PARADIGMS

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      Authors: JOSHUA BORYCZ, BENJAMIN D. HORNE, R. ALEXANDER BENTLEY
      Abstract: Advances in Complex Systems, Ahead of Print.
      Evolutionary studies of cultural complexity often assume that group members select the best information available in the group, effectively diffusing the best innovations, whose advantages are subsequently passed on to the next generation. This would seem to describe the ideal of the scientific process — each cohort of papers in a field surfacing the best innovations, refining them and passing on to the next “layer” or cohort of scientific works. Here, we use academic journal databases to explore this “forking” (branching) process in the evolution of a scientific paradigm. We apply citation network visualization and Latent Dirichlet allocation topic analysis to three different paradigms defined pragmatically as the set of papers citing a highly influential paper in each respective case. Our three case studies indicate a founder effect in how the seminal paper is highly-embedded in the citation network, and yet peripheral to the evolution of topics in subsequent “layers” of publications within the paradigm. This and additional evidence suggest certain topics are selected and followed, while others are left behind. From these case studies we discuss how hitherto undeveloped ideas of the past might be located in the topic space of seminal works of the same fruitful time period.
      Citation: Advances in Complex Systems
      PubDate: 2022-07-13T07:00:00Z
      DOI: 10.1142/S0219525922400045
       
 
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