SHERI MARINA MARKOSE
Professor of Economics
Department of Economics
University of Essex
Wivenhoe Park , Colchester C04 3SQ , Essex, U.K
Tel (01206) 87 2742 ; Email: scher@essex.ac.uk.
Education
Sept.1987 Ph.D Economics, London School of Economics, University of London.
Thesis Title: Essays on the theory of macro-economic dynamics under
Uncertainty ; Awarded the Jackson Lewis Scholarship by the LSE.
Ph. D Supervisor: Professor Willem H. Buiter.
1981 Diploma (International Course in Economics of the E.E.C)
University of Amsterdam
Awarded the Netherlands University Foundation Scholarship.
1979 MA ( International Trade and Development) New Delhi.
Awarded Graduate Merit Scholarship.
1978 BA Economics (Hons) Bombay University.
Awarded Intermediate Arts: Mathematics and Statistics Prize.
Academic Positions
October 2006- Professor of Economics, University of Essex
March 2004- 2009 Aug. Founder Director of Centre For Computational Finance and Economic Agents
(CCFEA), University of Essex
Oct.2005- 2006 Senior Lecturer Computational Finance and Economic Agents
(Economics Department and CCFEA)
Sept. 2000- Mar.2004 Director, Institute For Studies in Finance (ISF)
Sept. 1993- May 1994 Visiting Fellow, C.V Starr Center , Economics Dept., New York
University, USA.
Sept.1992-1996 A four year maternity/career break was availed of.
Sept. 1986- 2005 Tenured lectureship in Economics, University of Essex.
1982-1986 Research Fellow (full time) London Business School, Centre for
Economic Forecasting.
1981-1982 Class tutor, London School of Economics.
Other Appointments
March 2011 - 30 December 2011 Consultant and Visiting Scholar at Monetary and Capital Markets Department of the International Monetary Fund on project on Systemic risk from Global Derivatives Markets
February 2011 - present Consultant to Financial Stability Division of the Reserve Bank of India to develop and build an ICT based financial network platform for the Indian Financial System for purposes of monitoring the build up of systemic risk
May 2010: Invited
PhD Lecture Series at Economics Department Ruhr-Universität Bochum
on Financial Markets as Complex
Adaptive Systems: Agent Based Computational Economics
http://rgs-econ.org/home/media-reports/2010-05-25/
April -December 2005 - Foresight Office and Science and Technology Funding April. 2005: £45,000. Lead Researcher on Project on A Smart Market for Road Traffic Congestion
June-Sept 2002 Invited Research Fellow at the Research Division at the Bank of Finland, Helsinki, on Project on the Spread of Cashlessness
Two public lectures were delivered at the Bank of Finland in July 2002 on this topic
Refereed Publications
- Markose, S.M
and
-
Markose, S.M,
S. Giansante, M. Gatkowski and A. R. Shaghagi, 2010,
“Too
Interconnected To Fail: Financial Contagion and Systemic Risk In Network Model
of CDS and Other Credit Enhancement Obligations of US Banks”,
University of Essex, Economics
Department DP 683, Feb 2010.
Presented at
26-28 May 2010: Invited Talk
at the International Monetary Fund, Washington DC, Workshop on "Operationalizing
Systemic Risk Monitoring". Short
summary of talk is now available in the IMF Workshop Proceedings
http://www.imf.org/external/np/seminars/eng/2010/MCM/index.htm
Also in European Central Bank Workshop Publications on “Recent
Advances in Modeling Systemic Risk Using Network Analysis”
Jan 10, 2010,
http://www.ecb.europa.eu/press/pr/date/2010/html/pr100107.en.html
-Markose, S.M., and A. Alentorn, 2008, "Generalized Extreme Value Distribution and Extreme Economic Value at Risk (E-EVaR)" Chapter in Computational Methods in Financial Engineering edited by EJ Kontoghiorghes, B. Rustem and P. Winker in honour of Manfred Gilli, Springer Verlag.
- Markose, S., J. Arifovic and S. Sunder, 2007, “Advances in Experimental and Agent-based Modelling: Asset Markets, Economic Networks, Computational Mechanism Design and Evolutionary Game Dynamics ” ,Journal of Economic Dynamics and Control, Volume 31, Issue 6, pages 1801-1807. Full Text + Links | PDF (124 K) This is now a Wikipedia entry on the subject of Agent-based Computational Economics
- Markose S., Alentorn A., Koesrindartoto D., Allen P., Blythe P. and Grosso S., 2007, “A smart market for passenger road transport (SMPRT) congestion: An application of computational mechanism design ”, Journal of Economic Dynamics and Control , Volume 31, Issue 6, June 2007, Pages 2001-2032 , ISSN: 0165-1889.
- Kirman A., Markose S., Giansante S. and Pin P., 2007, “ Marginal contribution, reciprocity and equity in segregated groups: Bounded rationality and self-organization in social networks”, Journal of Economic Dynamics and Control , Volume 31, Issue 6, June 2007, Pages 2085-2107 , ISSN: 0165-1889.
- Markose, S., 2006, “Developments in Experimental and Agent –based Computational Economics”, Journal of Economic Interaction and Coordination, Volume 1, Number 2, pp. 119-129.
- Markose, S.M, Phil Blythe and Peter Allen, 2006 “ Intelligent Charging: Smart Market Protocols for Road Transport”, Office of Science and Technology Foresight Directorate: Intelligent Infrastructure Project, Publication.
-Markose, S.M, 2005 , “Computability and Evolutionary Complexity : Markets as Complex Adaptive Systems (CAS)”, Economic Journal ,vol. 115, pp.F159-F192. ISSN 0013-0133
-E.P.K. Tsang, S. Markose, H. Er, 2005, “Chance Discovery in Stock Index Option and Futures Arbitrage,” New Mathematics and Natural Computation, Vol 1, No 3, November.
-Markose, S. M, Edward T., Serafin M. (2005), “The Red Queen Principle and the Emergence of Efficient Financial Markets: An Agent Based Approach”, In: Thomas Lux, Stefan Reitz and Eleni Samanodou (Eds.) Nonlinear Dynamics and Heterogeneous Interacting Agents, Lecture Notes in Economics and Mathematical Systems 550, Springer, Berlin, Heidelberg.
- Markose, S.M, 2004, “Novelty in Complex Adaptive Systems (CAS): A Computational Theory of Actor Innovation”, Physica A: Statistical Mechanics and Its Applications, vol. 344, pp. 41- 49. Fuller details in University of Essex, Economics Dept. Discussion Paper No. 575, January 2004.
- Markose, S.M with Y. J. Loke, April 2003, “Network Effects of Cash-Card Substitution In Transactions and Low Interest Rate Regimes”, Economic Journal, vol.113, pp.456-476. (Most down loaded article in July 2003 on Royal Economic Society website 133 hits http://www.res.org.uk/stats.asp )
-Markose, S.M., July 2002, “The New Evolutionary Computational Paradigm of Complex Adaptive Systems: Challenges and Prospects For Economics and Finance”, In, Genetic Algorithms and Genetic Programming in Computational Finance, Edited by Shu-Heng Chen, Kluwer Academic Publishers, (ISBN 0-7923-7601-3) (pp.443-484 ). Also Essex University Economics Department DP no. 552, July 2001.
-Markose, S.M., Tsang E.P.K and H. Er, July 2002, “ Evolutionary Decision Trees in FTSE-100 Index Options and Futures Arbitrage: How Not To Miss Opportunities”, In, Genetic Algorithms and Genetic Programming in Computational Finance, Edited by Shu-Heng Chen , Kluwer Academic Publishers. (ISBN 0-7923-7601-3)
-Markose,S.M, Tsang, E.P.K & Er, H., 2001, July, “Evolutionary Arbitrage For FTSE-100 Index Options and Futures”, In published Proceedings of the 2001 CEC/IEEE Transactions (Congress of Evolutionary Computation).
-Markose, S.M with Y. J. Loke, 2002, “ Updates On Changing Trends in Payments Systems G10 and EU”, Entry on Electronic Payment Systems by J.K. Winn, in Encyclopedia of Information Systems, Academic Press. Also http//www.essex.ac.uk/economics/staff/scher.html.
-Markose, S.M with Y. J. Loke, 2001, “Innovations in Cash-Card Payments Networks:Implications for Monetary Policy In Low Interest Rate Regimes”, International Correspondent Banking Review,Yearbook, 2001/2002. Euromoney Publication. ISBN No. 185564 815 6.
- E.P.K. Tsang, J. Li, S. Markose, H. Er, A. Salhi, G. Iori, 2000, “ EDDIE In Financial Decision Making” , The Journal of Management and Economics, Vol 4.
- Markose, S.M with Alessandra Guariglia, 2000, “Voluntary Contributions to Personal Pension Plans : Evidence From the British Household Panel Survey”, Fiscal Studies,Vol.21, no. 4, pp.469-488.
- Markose, S.M ,1991, “End- Independent Rules and the Political Economy of Expanding Market Societies of Europe”, European Journal of Political Economy, vol. 7, pp.579- 601, North- Holland.
- Markose, S.M, 1986, “A Theory of Stabilization with Policy Induced Structural Change : An Application of the Bismut Stochastic Maximum Principle”, Journal of Economic Dynamics and Control, vol. 10, pp. 109- 114, North-Holland.
- Markose, S.M , 1984 “ Non- separability of Consumption and Portfolio Choice with a Precautionary Demand for Money”, Greek Economic Review, Vol. 6, pp.171-202.
-1982-1986 : A number of contributions were made on Stabilizaton Theory, Aggregate Consumption, Manufacturing Inventories and Monetary Targetting for the London Business School, Centre for Economic Forecasting Publications , Economic/ Financial Outlook, Gower Press.
Forthcoming New Book:
Sheri Markose with Shyam Sunder (Yale) :'Humans, Automaton and Markets: On Computational Microstructure Design' In preparation, Cambridge University Press. Sheri Markose and Shyam Sunder give a definitive framework for the up and coming area of computational multi-agent modeling for market and policy design. They pioneer the notion of Model Verité where simulators of real time economic systems are modelled in an ‘as is’ mode .
Book chapters in the above book that have also been co- authored by Sheri Markose.
Computational Market Microstructure: Foundations and Overview
Sheri Markose(Essex) and Shyam Sunder (Yale)
Red Queen Co-evolutionary Stock Market Dynamics
Sheri Markose (Essex) and Simone Giansante(Essex)
Design Challenges and Policy Issues:The Intraday Interbank Liquidity Management Game
Amadeo Alentorn (Essex), Sheri Markose (Essex), Stephen Millard (Bank of England) and Jing Yang (Bank of England)
Book Reviews
- Computable Economics : Arne Ryde Lectures, by Kumaraswamy Velupillai,Oxford University Press, June 2001, Economic Journal, vol.111, pp.468-470.
-The Market Process, Essays in Contemporary Austrian Economics, Edited by P.J Boettke, D.L Prychitko. Edgar Elgar, Spring 1996, Economic Journal.
-Political Economy: Institutions, competition and representation, Proceedings of the Seventh International Symposium in Economic Theory and Econometrics, Edited by William A. Barnet, Melvin Hinich and Norman J. Schofield, 1993, Cambridge University Press, November 1995, Economic Journal.
Under
Review with Journals
and Work in Preparation
-
Markose S.M , 2011, "Logical and
Neurophysiological Foundations of Strategic Behaviour".
- Markose, S.M, A. R. Shaghagi,S. Giansante,2010, "Systemic Risk from Networks of Financial Derivatives ".
- Markose, S.M, S. Giansante, M. Gatkowski and A. R. Shaghagi, 2009, “Too Interconnected To Fail: Financial Contagion and Systemic Risk In Network Model of CDS and Other Credit Enhancement Obligations of US Banks”, Presented at the ECB Workshop , 5 October 2009, “Recent Advances in Modeling Systemic Risk Using Network Analysis”. Economics Department, University of Essex, DP 683, Feb 2010.
- Markose, S.M, Peng, Y., Alentorn, A., Sept 2010, “Forecasting Extreme Volatility Movements With V-FTSE, Carr-Wu and GEV Option Implied Volatility Indices”.
- Markose, S.M. and J. Yang (2008) “Optimal Portfolio Selection With Dynamic Regime Switching Weights”, Mimeo. Presented at London Stock Exchange City Associates Board Meeting and Macromodels Conference 2008.
-Markose,S.M, A. Alentorn and A. Krause,2004, “Dynamic Learning, Herding and Guru Effects in Networks”, Economics Department Working Paper, No. 582, Sept 2004.
-S.M Markose
and Y. Dong (2008) “A Multi-Agent Model of RMBS, Credit Risk Transfer in Banks
and Financial Stability: Implications of the Subprime Crisis”,
Essex Econ Dept. and CCFEA Mimeo.
-
A. Alentorn and Markose, S.M,
2006, “Removing the Maturity Effects of Implied Risk Neutral Density Functions
and Related Statistics”, Economics Department,
University of Essex, Discussion Paper, CCFEA Working Paper WP002-06 February 2006.
-Markose, S. M.
and Y.J Loke, July 2003, “Can Cash
Hold its Own ? International Comparisons, Theory and Evidence”, Department of
Economics University of Essex Discussion Paper, No. 536, April 2002.
- Markose, S.M. and J. Yang (2008) “Optimal Portfolio Selection With Dynamic Regime Switching Weights”, Mimeo.
Presented at London Stock Exchange City Associates Board Meeting and Macromodels Conference 2008.
Software
and Agent-based Simulators
-A Multi-Agent Model of RMBS, Credit Risk Transfer
in Banks and Financial Stability
More
details on Sheri's pioneering work on large scale data base driven simulators
for financial networks, market and policy design ; markets as complex adaptive
systems; extreme value models; and climate and green transport can be found at
the Agent-based computational economics and financial modelling website
http://www.acefinmod.com/index.html
- Markose, S.M, 2007, "Market Micro-structure multi-agent simulator and London SETS Electronic Limit Order Book", with Azeem Malik and Win Lon Ng (presentation) http://www.marketmicrostructure.co.uk/
-The Joint CCFEA and Bank of England IPSS Large Value Payments Simulator
- CCFEA Networks and herding Simulator
Recent Grants:
-
FP6 –034270-2 €4 million Marie Curie Research Training Network (RTN) on Computational
Optimization Methods in Statistics, Econometrics and Finance (COMISEF)
was funded by the European Union (2007-2010). The principal investigator at
CCFEA is Prof. Sheri Markose. The budget awarded to CCFEA and the University of
Essex is about €386,569.00. This will include funding for 2 PhD students and a
Post-Doc position at CCFEA. The research projects this will support at CCFEA
are in the area of applications of heuristic optimization methods in
Computational Finance and also the development of an agent based model for
assessing systemic risk from asset backed securitization in banks.
-Funds Raised for CCFEA Phd Internships 2003-current: Bank of England
(1x 2years), Old Mutual Asset Management (2 x 3 years ); HSBC (1x3years);
Statpro MSc Bursary (Totaling over £100,000)
-Foresight Office and Science and Technology Funding April. 2005: £45,000. Lead Researcher on Project: Design a Smart Market for Congestion.
Editorship/Fellowship, Keynote Talks and Knowledge Transfer
June 2012 Invited to deliver Lectures on Financial Network Models for Systemic Risk Management at the 2012 Summer School at the Kiel Institute for the World Economy
Oct 5-6, 2011 Invited to be a panellist at the Global Economic Symposium 2011, on the session on "Coping with Systemic Risk ". Sheri has been encouraged to give radically new ideas that have the promise of being paradigm shifts, and also give feedback on the challenge and suggestions on potential solutions. GES 2011 is being held on at Kiel, Germany. http://www.global-economic-symposium.org/ges-2011
July6-8, 2011 , Plenary Speaker at International Conference on Mathematical Finance and Economics (ICMFE) Istanbul Technical University (ITU), Turkey.
March 2011 - Dec 30 2011 Appointed Consultant to International Monetary Fund on a project on using financial network models to analyse the role of large complex financial intermediaries in derivatives markets
-23-24
August 2010: Invited Speaker at Reserve Bank of India, Mumbai, Financial
Stability Board
; Special Tutorial was
given on Policy Design for Financial Stability and on Financial Network
Modelling
.
-26-30 July 2010 : Keynote
Speaker at British Council Sponsored Climate4 Media Workshops on Green Road
Transport and Intelligent Infrastructure hosted in 4 Chinese Cities
(Shanghai/Nanjing, Guangzhou/Schenzen, Chongqing and Bejing )
Sheri's talk drew on her work on UK Foresight Project on digital models for
congestion charging and intelligent infrastructure
http://www.acefinmod.com/greentranspo.html
- 7-9 April 2010 Invited Keynote Talk at MAF 2010 -International Conference for Mathematical and Statistical Methods for Actuarial Sciences and Finance, Villa Rufolo - Ravello, Italy, web site: http://maf2010.unisa.it
- 5 October 2009, Invited Talk “Too Interconnected To Fail: Financial Contagion and Systemic Risk In Network Model of CDS and Other Credit Enhancement Obligations of US Banks”, Presented at the European Central Bank Workshop Recent Advances in Modeling Systemic Risk Using Network Analysis.
-
July 6- 10 2009
Invited Lectures at the GREQAM (Aix en Provence) SUMMER SCHOOL :
Financial Micro- Structure and Contagion.
- Economics Departmental
Seminars (University of York June 2009 , University of Leicester 7 Oct 2009 , Brunel
University 5 Nov 2009)
-18th & 19th Sept. 2009 Invited to Guide Special Session on ‘Financial Crimes Arising from: Shadow Banking and Sub-prime Crisis’ at European Developments in Criminal Corporate Liability Workshop , Clifford Chance Offices Canary Wharf , London.
- 29 June - 2nd July 2009, “Perverse Effects, Regulatory Arbitrage and the Lucas Critique: A Complex System Approach to Policy Design”, Talk given at the Scottish Institute for Advanced Studies, Glasgow at the Workshop on Limits to Rationality in Financial Markets: Policy Implications
-24-25 Mar. 2009 Invited Speaker at ZEW Centre for European Economic Research Sponsored Workshop "Agent based models in economic policy advice", Mannheim, Germany.
- 23-24 March 2009, Invited Speaker at Workshop “The complexity of financial crisis in a long-period perspective: facts, theory and models”, University of Sienna.
-21 Mar. 2009, Invited Speaker at ESRC Money, Macro and Finance Workshop at Brunel University.
- 8-11 Feb 2009,
Turin Italy, Invited Speaker to Bank of Italy Workshop on "Agent-Based Modeling
for Banking and Finance" (ABM-BaF) - Villa Gualino Torino.
- 5 Feb 2009 Speaker at Essex Chamber of Commerce and Human Rights Centre
University of Essex Sponsored Credit Crunch Seminar, at Moot Hall, Colchester.
- 1-19 Sept. 2008, CCFEA/i4MT Summer School Program 2008 , (High
Frequency Finance (HFF) and Electronic Trader Training (ETT) ), London,
organizer and presenter
- 22 May 2008 Speaker at Transmission of Credit Risk and Bank Stability Conference at Cass Business School, London.
- 14 May 2008 Keynote Speaker at the East Yorkshire and Humber Climate Change Conference (EYHCC), Hull, UK.
- October 2007, Invited
Speaker at Agent-Based Modeling: Application to Energy Policy
UKERC Workshop, 15 & 16 October 2007, St. Hughes College, Oxford.
- Summer 2007, Invited on the
Royal Society of Arts (RSA) Steering Committee on Green Transport Policy (in
the context of Personal Carbon Trading)
-June 2007
Invited speaker
at the GREQAM Conference New Microstructure of Financial Markets.
The title of the talk was "Market Micro Structure Simulators and the London SETS
Electronic Limit Order Book". Please visit
http://greqam.univ-mrs.fr/conference/conf_greqam_past.php
- 28 Sept. 2006 - Invited Speaker at ESRC Workshop on Financial Regulation and Payments Systems : Designing Large Value Payments: An Agent –based Approach with Endogenous Learning
- 4 July 2006 Sheri Markose addressed the Gödel Centenary Colloquium at Computing in Europe (CiE) Conference in Swansea where she gave a paper on Gödelian Foundations of Non-Computability and Heterogeneity In Economic Forecasting and Strategic Innovation
- 29 June - 1 July 2006 , Black Wednesday and collapse of ERM currency peg : An agent based model of endogenous risk from policy :Invited Special Lecture at International Conference: Applications of Physics in Financial Analysis 5 (APFA 5) Torino, Italy.
-
6 April 2006 :
Invited
to the Treasury and Dft to present Smart Market Modeling for Congestion Pricing
TreasurySMPRT.ppt
Paper
- 26 January 2006 : Invited to present the results of ‘ Intelligent
Charging: Smart Market Protocols for Road Transport’, at Office and Science
and Technology Foresight Directorate: Intelligent Infrastructure Project
Launch.
- 17 October 2005 : Keynote speaker at Mexican National University (UNAM) at Conference on Complexity In Social Simulations. This is part of the Center For Interdisciplinary Research in Science and Humanities and the Institute of Physics UNAM conference for the International Physics year.
- 28 Sept 2005 : Invited talk at Prime Minister Strategy Unit (PMSU) : Title: Agent Based Computational Economics: Some Applications to Market and Policy Design
- April 2005-Dec 2005 : Invited Researcher for Foresight Intelligent Infrastructure Systems (IIS) ; Topic: An Agent Based Model for Smart Markets in Congestion ; Foresight IIS is supported by the Directorate of the Office of Science and Technology (OST); CCFEA is collaborating with TORG at Newcastle (Director Phil Blythe) and Complex Systems Management Centre Cranfield School of Management (Director: Peter Allen) ; 14 December 2005 Formal Presentation of IIS Project Results to Ministers and Foresight stakeholders who include Directors of Funding Councils
- December 2006 Guest Editor (with Shyam Sunder and Jasmina Arifovic) , Special Issue on Experimental and Agent Based Computational Economics, Journal of Economic Dynamics and Control . This is now a Wikipedia entry.
- Autumn 2006 Guest Editor of Modelling With Economic Agents 10 Years On Proceedings of the WEHIA 2005: In new Journal of Economic Interaction and Coordination (JEIC).
- June 13-15 2005 Organizer and Program Co-Chair (with Shyam Sunder, Yale, and Neil Johnson , Oxford) WEHIA 2005 hosted by CCFEA at University of Essex. http://www.essex.ac.uk/wehia05/
- Scientific Committee of the IEEE, Conference For Evolutionary Computation 2005, Edinburgh
- March 20-24 2005 Invited Lecture at National University of Galway Workshop on Computable Economics Computability, Computational Complexity and Dynamical Systems Theory in Economics and Finance http://www.nuigalway.ie/cisc/cobera2005/index.html
- March 17 2005 - Invited Keynote speaker at Digital Forum : Tipping in Payment Networks: Can Cash Hold Its Own ?
http://www.chyp.com/digmon/digmon8_presentations.htm#speakers
-February 1 2005 - Invited speaker at Bank of England CCBS Expert Forum on Payment Systems ,London, 31 January – 2 February, 2005,
-December 7 2004 – Bank of England Workshop on IPSS Interbank Payments Systems Simulator (developed with Amadeo Alentorn (CCFEA) and
Ying Yang and Steven Millard BOE)
- November 5 2004 Invited Talk On Implied Tail Indexes From GEV Risk Neutral Density Functions at the Kiel CAU Workshop on Computational Finance organized by Thomas Lux http://www.bwl.uni-kiel.de/phd/seminars-schneider.php
- 2004 - Member of IEEE Computational Finance and Economics Technical Committee http://ieee-cis.org/cf/
- September 9-10 2004 Member of Scientific Committee of First Bonzenfreies Colloquium on Market Dynamics and Quantitative Economics http://www.mfn.unipmn.it/~colloqui/
- 27- 30 July 2004 – Visit to Yale Management School (Invited by Shyam Sunder.)
- March 12 2004 Inauguration of CCFEA and Organization of Workshop on CCFEA Workshop: Computational Models of Market Microstructure and Real Time Trading
- March 3 & 4 2004 Invited Talk on Trends in Cashlessness at The Cash Processing Conference in Paris. This high-level event of Central Bankers and academics is organised by the European Financial Management and Marketing Association (EFMA).
-Member of Scientific/Program Committee of 9th. WEHIA 2004 (Workshop for Economic Heterogeneous Interacting Agents) in Kyoto, Japan
- November 13-15 2003: Invited Special Lecture at International Conference: Applications of Physics in Financial Analysis 4 (APFA4) Warsaw.
-June-Sept 2002 Invited Research Fellow at the Research Division at the Bank of Finland, Helsinki, on Project on the Spread of Cashlessness : April 2002, June-September 2002. Two public lectures were delivered at the Bank of Finland in July 2002 on this topic
-Feb 19 2002 University of York, Economics Department Seminar
-November 2001, Invited to Present at John Hicks Seminar Series In Monetary Economics, Brasenose College, Oxford.
-September 2000, ESRC Annual Money, Macro, Finance Conference : Presentation .
-19- 22 July 1998: Invited speaker to Economics Department, “The Liar Strategy and Surprises: So What Is the Lucas Critique ? A New Perspective from Computation Theory”, Economics Department, Carnegie Mellon University (USA).