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This work compiles the author's recent investigations into interactions-based approaches in economics and finance, conducted during his doctoral studies in "Quantitative Economics" at the University of Kiel, Germany. The study is divided into three parts and comprises seven chapters. The first part addresses the potential conflict between micromotives and macrobehavior across two chapters. Chapter 1 formalizes Schelling's Bounded-Neighborhood Model, focusing on segregation. Three theorems are derived in a setting where agents make discriminatory choices. While the first two results confirm the persistence of segregation, the third theorem uniquely identifies the mechanism that stabilizes integration as an equilibrium, a finding previously overlooked by scholars. Chapter 2 explores an environment where aggregated patterns emerge without individual counterparts. It discusses the aggregation of individual single good demands into market demand under a variant of Clower's dual decision hypothesis. Notably, while individual demands remain downward sloping, aggregate demand may exhibit upward sloping regions at certain price points. The appendix contains technical results, proofs, and supplementary materials. Overall, this work provides an engaging exploration of various topics, formal models, and innovative solutions to longstanding issues.
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Essays on micromotives and macrobehavior, expectation formation, and asset price dynamics, Jaba Ghonghadze
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- 2013
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