金融网络中的传染性同步与内生网络形成
Contagious Synchronization and Endogenous Network Formation in Financial Networks
AI总结：
本文研究了银行在相似投资策略下对共同冲击的脆弱性，通过内生网络形成过程减少社会学习的外部性影响。
摘要：
当银行选择相似的投资策略时，金融系统对共同冲击变得脆弱。我们构建了一个简单的金融系统，其中银行根据对世界状态的私人信念以及观察同伴行为形成的社交信念来决定其投资策略。观察更多的同伴会传递更多信息，从而导致更强的社交信念。扩展传统社会网络中的贝叶斯更新模型，我们显示，银行在不匹配状态下同步投资策略的概率关键取决于私人信念与社交信念之间的权重。当银行在内生网络形成过程中选择同伴时，这种效应得以缓解，从而内部化社交学习带来的外部性。
英文摘要：
When banks choose similar investment strategies the financial system becomes vulnerable to common shocks. We model a simple financial system in which banks decide about their investment strategy based on a private belief about the state of the world and a social belief formed from observing the actions of peers. Observing a larger group of peers conveys more information and thus leads to a stronger social belief. Extending the standard model of Bayesian updating in social networks, we show that the probability that banks synchronize their investment strategy on a state non-matching action critically depends on the weighting between private and social belief. This effect is alleviated when banks choose their peers endogenously in a network formation process, internalizing the externalities arising from social learning.
机构、总结、中文摘要均由AI分析而来，可能存在错误，请以论文正文为准。
