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• W1525535618 abstract "I study equilibrium selection by an evolutionary process in an environment with multiple equilibria, one of which involves a banking panic. The analysis is built on a repeated version of the Diamond-Dybvig (1983) model. The optimal equilibrium is uniquely selected if it is also ‘risk dominant’. When there are multiple banks, the probability of observing a panic increases as the size of the banks decreases. Local interaction generates contagion effects that allow a bank run to spread first among banks in the same geographic location and then throughout the population." @default.
• W1525535618 created "2016-06-24" @default.
• W1525535618 creator A5090463155 @default.
• W1525535618 date "1997-09-01" @default.
• W1525535618 modified "2023-09-25" @default.
• W1525535618 title "Evolution, coordination, and banking panics" @default.
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• W1525535618 doi "https://doi.org/10.1016/s0304-3932(97)00033-0" @default.
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