{"id":450,"date":"2019-10-21T21:25:10","date_gmt":"2019-10-21T21:25:10","guid":{"rendered":"http:\/\/pages.charlotte.edu\/probability-seminar\/?p=450"},"modified":"2019-10-21T21:25:10","modified_gmt":"2019-10-21T21:25:10","slug":"wed-oct-23-2019-at-530pm-in-fretwell-379-math-conference-room","status":"publish","type":"post","link":"https:\/\/pages.charlotte.edu\/probability-seminar\/blog\/2019\/10\/21\/wed-oct-23-2019-at-530pm-in-fretwell-379-math-conference-room\/","title":{"rendered":"Wed Oct 23, 2019 at 5:30PM in Fretwell 379 (Math Conference Room)"},"content":{"rendered":"\n<p><a href=\"http:\/\/math2.uncc.edu\/~imsonin\/\">Isaac Sonin,<\/a> UNC Charlotte<\/p>\n\n\n\n<p><em>Title: <\/em>A Continuous-Time Model of Financial Clearing Part 2<\/p>\n\n\n\n<p><em>Abstract: <\/em>We present a simple model of clearing in financial\n networks in continuous time. In the model, banks (firms, agents) are \nrepresented as tanks (reservoirs) with liquid (money) flowing in and \nout. This approach provides a simple recursive solution to a classical \nstatic model of financial clearing introduced by Eisenberg and Noe \n(2001). It also suggests a practical mechanism of simultaneous and real \ntime payments. The dynamic structure of our model helps answer other \nrelated questions and, potentially, opens the way to handle more \ncomplicated dynamic financial networks, e.g., liabilities with different\n maturities. Also, our approach provides a useful tool for solving \nnonlinear equations involving a linear system and max min operations \nsimilar to the Bellman equation for the optimal stopping of Markov \nchains and other optimization problems. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Isaac Sonin, UNC Charlotte Title: A Continuous-Time Model of Financial Clearing Part 2 Abstract: We present a simple model of clearing in financial networks in continuous time. In the model, banks (firms, agents) are represented as tanks (reservoirs) with liquid (money) flowing in and out. This approach provides a simple recursive solution to a classical [&hellip;]<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-450","post","type-post","status-publish","format-standard","hentry","category-probability_seminar"],"_links":{"self":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts\/450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/comments?post=450"}],"version-history":[{"count":1,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts\/450\/revisions"}],"predecessor-version":[{"id":451,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/posts\/450\/revisions\/451"}],"wp:attachment":[{"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/media?parent=450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/categories?post=450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pages.charlotte.edu\/probability-seminar\/wp-json\/wp\/v2\/tags?post=450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}