Financial Interactions and Collective States: Part III. Description of Dynamic Collective States
Abstract
In a series of papers, we analyzed the mechanisms of capital allocation and accumulation among firms, investors, and banks within the framework of Field Economics. At the macro level, we found that multiple collective states may emerge, each organized in groups of agents characterized by distinct levels of disposable capital, returns, and stakes across sectors. This multiplicity of collective states reflects the inherent instability and default-prone nature of financial markets. It also underscores the necessity of transitions among these states. These transitions were not fully accounted for in our previous description of collective states, where we only considered marginal fluctuations around equilibrium levels. To fill this gap, the present paper aims to characterize the possible dynamic mechanisms underlying transitions between these collective states. It reviews and extends our previous analysis by examining their probability and stability. By introducing the notion of dynamic sub-collective states, it explores potential patterns of transition-such as morphing, merging, or splitting-among collective states. This study thus provides the foundational tools and analytical framework that will be employed to develop a field-theoretic description of dynamic collective states.
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BibTeX
@misc{gosselin2026financial,
title = {{Financial Interactions and Collective States: Part III. Description of Dynamic Collective States}},
author = {Pierre Gosselin and Aïleen Lotz},
howpublished = {arXiv},
year = {2026},
month = oct,
doi = {10.48550/arxiv.2610.15719},
eprint = {2610.15719},
archivePrefix = {arXiv},
url = {https://arxiv.org/abs/2610.15719},
}
RIS
TY - UNPB
TI - Financial Interactions and Collective States: Part III. Description of Dynamic Collective States
AU - Pierre Gosselin
AU - Aïleen Lotz
PY - 2026
DA - 2026/10/01
PB - arXiv
DO - 10.48550/arxiv.2610.15719
UR - https://arxiv.org/abs/2610.15719
AB - In a series of papers, we analyzed the mechanisms of capital allocation and accumulation among firms, investors, and banks within the framework of Field Economics. At the macro level, we found that multiple collective states may emerge, each organized in groups of agents characterized by distinct levels of disposable capital, returns, and stakes across sectors. This multiplicity of collective states reflects the inherent instability and default-prone nature of financial markets. It also underscores the necessity of transitions among these states. These transitions were not fully accounted for in our previous description of collective states, where we only considered marginal fluctuations around equilibrium levels. To fill this gap, the present paper aims to characterize the possible dynamic mechanisms underlying transitions between these collective states. It reviews and extends our previous analysis by examining their probability and stability. By introducing the notion of dynamic sub-collective states, it explores potential patterns of transition-such as morphing, merging, or splitting-among collective states. This study thus provides the foundational tools and analytical framework that will be employed to develop a field-theoretic description of dynamic collective states.
ER -