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"Jackson, Matthew"
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Financial Networks and Contagion
We study cascades of failures in a network of interdependent financial organizations: how discontinuous changes in asset values (e.g., defaults and shutdowns) trigger further failures, and how this depends on network structure. Integration (greater dependence on counterparties) and diversification (more counterparties per organization) have different, nonmonotonic effects on the extent of cascades. Diversification connects the network initially, permitting cascades to travel; but as it increases further, organizations are better insured against one another's failures. Integration also faces trade-offs: increased dependence on other organizations versus less sensitivity to own investments. Finally, we illustrate the model with data on European debt cross-holdings.
Journal Article
The economic consequences of social-network structure
We survey the literature on the economic consequences of the structure of social networks. We develop a taxonomy of \"macro\" and \"micro\" characteristics of social-interaction networks and discuss both the theoretical and empirical findings concerning the role of those characteristics in determining learning, diffusion, decisions, and resulting behaviors. We also discuss the challenges of accounting for the endogeneity of networks in assessing the relationship between the patterns of interactions and behaviors.
Journal Article
Centrality measures in networks
We show that prominent centrality measures in network analysis are all based on additively separable and linear treatments of statistics that capture a node’s position in the network. This enables us to provide a taxonomy of centrality measures that distills them to varying on two dimensions: (i) which information they make use of about nodes’ positions, and (ii) how that information is weighted as a function of distance from the node in question. The three sorts of information about nodes’ positions that are usually used—which we refer to as “nodal statistics”—are the paths from a given node to other nodes, the walks from a given node to other nodes, and the geodesics between other nodes that include a given node. Using such statistics on nodes’ positions, we also characterize the types of trees such that centrality measures all agree, and we also discuss the properties that identify some path-based centrality measures.
Journal Article
Networks in the Understanding of Economic Behaviors
As economists endeavor to build better models of human behavior, they cannot ignore that humans are fundamentally a social species with interaction patterns that shape their behaviors. People's opinions, which products they buy, whether they invest in education, become criminals, and so forth, are all influenced by friends and acquaintances. Ultimately, the full network of relationships—how dense it is, whether some groups are segregated, who sits in central positions—affects how information spreads and how people behave. Increased availability of data coupled with increased computing power allows us to analyze networks in economic settings in ways not previously possible. In this paper, I describe some of the ways in which networks are helping economists to model and understand behavior. I begin with an example that demonstrates the sorts of things that researchers can miss if they do not account for network patterns of interaction. Next I discuss a taxonomy of network properties and how they impact behaviors. Finally, I discuss the problem of developing tractable models of network formation.
Journal Article
The Friendship Paradox and Systematic Biases in Perceptions and Social Norms
The “friendship paradox” (first noted by Feld in 1991) refers to the fact that, on average, people have strictly fewer friends than their friends have. I show that this oversampling of more popular people can lead people to perceive more engagement than exists in the overall population. This feeds back to amplify engagement in behaviors that involve complementarities. Also, people with the greatest proclivity for a behavior choose to interact the most, leading to further feedback and amplification. These results are consistent with studies finding overestimation of peer consumption of alcohol, cigarettes, and drugs and with resulting high levels of drug and alcohol consumption.
Journal Article
A new era for understanding amyloid structures and disease
The aggregation of proteins into amyloid fibrils and their deposition into plaques and intracellular inclusions is the hallmark of amyloid disease. The accumulation and deposition of amyloid fibrils, collectively known as amyloidosis, is associated with many pathological conditions that can be associated with ageing, such as Alzheimer disease, Parkinson disease, type II diabetes and dialysis-related amyloidosis. However, elucidation of the atomic structure of amyloid fibrils formed from their intact protein precursors and how fibril formation relates to disease has remained elusive. Recent advances in structural biology techniques, including cryo-electron microscopy and solid-state NMR spectroscopy, have finally broken this impasse. The first near-atomic-resolution structures of amyloid fibrils formed in vitro, seeded from plaque material and analysed directly ex vivo are now available. The results reveal cross-β structures that are far more intricate than anticipated. Here, we describe these structures, highlighting their similarities and differences, and the basis for their toxicity. We discuss how amyloid structure may affect the ability of fibrils to spread to different sites in the cell and between organisms in a prion-like manner, along with their roles in disease. These molecular insights will aid in understanding the development and spread of amyloid diseases and are inspiring new strategies for therapeutic intervention.
Journal Article
A typology of social capital and associated network measures
I provide a typology of social capital, breaking it down into seven more fundamental forms of capital: information capital, brokerage capital, coordination and leadership capital, bridging capital, favor capital, reputation capital, and community capital. I discuss how most of these forms of social capital can be identified using different network-based measures.
Journal Article
Architecture and dynamics of magma reservoirs
This introductory article provides a synopsis of our current understanding of the form and dynamics of magma reservoirs in the crust. This knowledge is based on a range of experimental, observational and theoretical approaches, some of which are multidisclipinary and pioneering. We introduce and provide a contextual background for the papers in this issue, which cover a wide range of topics, encompassing magma storage, transport, behaviour and rheology, as well as the timescales on which magma reservoirs operate. We summarize the key findings that emerged from the meeting and the challenges that remain. The study of magma reservoirs has wide implications not only for understanding geothermal and magmatic systems, but also for natural oil and gas reservoirs and for ore deposit formation. This article is part of the Theo Murphy meeting issue ‘Magma reservoir architecture and dynamics’.
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