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SUMMARY:Stability and Complexity in Financial Ecosystems - Lord Robert May
 \, University of Oxford
DTSTART:20140304T200000Z
DTEND:20140304T211500Z
UID:TALK49645@talks.cam.ac.uk
CONTACT:Adam
DESCRIPTION:Recent events have made it clear that complex financial instru
 ments (derivatives and their kin)\, which allegedly enabled individual ban
 ks and investment funds to get good returns with minimal risks\, had dynam
 ical properties which were poorly understood. In particular\, it is astoni
 shing that essentially no attention was given to the overall systemic risk
 s posed by these instruments. Deliberately oversimplified mathematical car
 icatures of “banking ecosystems”\, which capture some of the essential
  dynamics and which have parallels (along with significant differences) wi
 th earlier work on stability and complexity in ecological food webs\, have
  interesting implications. This talk will first sketch these models\, givi
 ng particular attention to the role of “confidence” in propagating sho
 cks\, and will conclude with an outline of ensuing regulatory implications
 . \n\nEveryone is welcome. Free for members\, £2 on the door for non-memb
 ers. Followed by refreshments (that means smoothies\, cheese and grapes!).
LOCATION:Department of Pharmacology Lecture Theatre\, Tennis Court Road
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