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We study a sequential trading financial market where there are gains from trade, that is, where informed traders have heterogeneous private values. We show that an informational cascade (i.e., a complete blockage of information) arises and prices fail to aggregate information dispersed among traders. During an informational cascade, all traders with the(More)
Military commanders require accurate, time-driven information that is instantly integrated and processed. Information sources can be physical, informational, and cognitive, and include: sensors, shooters, machines, and humans. The authors of this qualitative descriptive study reviewed a sample of open literature which discusses systems engineering and(More)
Symposium of the Society for Nonlinear Dynamics and Econometrics, and the Seventh Conference of the Society for Computational Economics for helpful comments and suggestions. The usual disclaimer applies. Abstract This paper considers the economic implications of having a unit root (UR) on the stochastic process of variables such as consumption or GDP. Using(More)
Scale-free networks (SFN) arise from simple growth processes, which can encourage efficient, centralized and fault tolerant communication (1). Recently its been shown that stable network hub structure is governed by a phase transition at exponents (>2.0) causing a dramatic change in network structure including a loss of global connectivity, an increasing(More)
The United States' national economic and physical defense depends on its pro-activeness and visionary leadership. Visionary engineering and/or science leadership requires a leader to think beyond his or her normal job description when addressing an old or new technological challenge in new ways. Visionary leadership is important for creating an environment(More)
From the very beginning of technological development, humans have had the goal to build systems that can capture the cognitive abilities of nature. The ability to process control and communications information on the battlefield is important. Such control can be offered in the form of a software-defined radio (SDR) based on cognitive radio technology.(More)