The “Internal Referencing” Structural Instability in an Environment Characterized by Random Variation: The Example of the N.Y.C. Banks in the Crisis of 1857
The outcome of socio-economic decisions made under conditions of uncertainty (or in an environment characterized by random variation) must in general depend on the nature of the models used by decision-makers in reaching their conclusions, and in particular on the quality of the information utilized in their models. Since information is costly to acquire, it will be generally true that most decisions are based upon partial, and sometimes erroneous, information.
KeywordsBanking System Relative Income Structural Instability Gain Function Individual Bank
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