While the economic response has been both timely and appropriately large, it may not be the final chapter, given that the path ahead is both highly uncertain and subject to significant downside risks. Economic forecasts are uncertain in the best of times, and today the virus raises a new set of questions: How quickly and sustainably will it be brought under control?
Strategic interaction can be defined as a process in which each market participant explores his/her optimal strategy by conjecturing the response of other participants. Some of the papers presented at this conference follow this path. Herding behaviour is one example. As you know, a large number of small investors tend to follow a small number of large investors.