Mailing address Christian-Albrechts-Universität zu Kiel Institut für Volkswirtschaftslehre Olshausenstraße 40 D-24118 Kiel Campus location Wilhelm-Seelig-Platz 1 R 500a Office hours Mo 10:15 - 11:45 Phone: (+49) 431 880-3369 Fax: +(49) 431 880-4383 Mail:

Mishael Milaković's work focuses on statistical equilibrium economic modeling. The concept of statistical equilibrium rests on the observation that economies are made up of a large number of heterogeneous agents whose interactions give rise to aggregate regularities in the form of statistical distributions, which routinely are neither foreseen nor intended by individual optimizing agents. The aim of his research is to detect distributional regularities and to understand which agent interactions are macroeconomically crucial in the sense that they do not cancel out in the process of aggregation.

Dr. Milaković has addressed these questions in the fields of finance and industrial organization, where key economic variables like financial returns, firm profit and growth rates, firm sizes, or income and personal wealth exhibit clearly non-Gaussian distributions. He also investigates how the network structure connecting agents influences distributional market outcomes, and how or why empirically observed economic networks come into existence in the first place.

• Journal articles
  1. "What distinguishes individual stocks from the index?", with F. Wagner and S. Alfarano; European Physical Journal B , 73(1), pp. 23-28, January 2010. (DOI)
  2. "Network structure and N-dependence in agent-based herding models", with S. Alfarano; Journal of Economic Dynamics and Control , 33(1), pp. 78-92, January 2009. (DOI)
  3. "Does classical competition explain the statistical features of firm growth?" with S. Alfarano, Economics Letters , 101(3), pp. 272-274, December 2008. (DOI)
  4. "A nonparametric approach to the noise density in stochastic volatility models", with
     S. Alfarano and F. Wagner; Applied Financial Economics Letters 4(5), pp. 311-314, September 2008. (DOI)
  5. "Turnover activity in wealth portfolios", with C. Castaldi, Journal of Economic Behavior and Organization , 63(3), pp. 537-552, July 2007. (DOI)
  6. "Scale and technological factors in the diversification structure of business firms", with C. Castaldi and A. Secchi, Economics Letters , 91(1), pp. 117-121, April 2006. (DOI)
  7. "First results of the introduction of DRGs in Germany and overview of experience from other DRG countries", with W. Böcking, U. Ahrens, and W. Kirch, Journal of Public Health , 13(3), pp. 128-137, June 2005. (DOI)

• Contributions to books, edited volumes, proceedings, etc.
  1. Editorial on "Interdisciplinary Applications of Physics in Economics and Finance", with S. Alfarano and T. Lux, European Physical Journal B , 73(1), pp. 1-2, January 2010. (DOI)
  2. "Do we all face the same constraints?" in Chatterjee, A., S. Yarlagadda, and B. K. Chakrabarti (Eds.), The Econophysics of Wealth Distributions, pp. 184-191, Springer, Italy, 2005. (DOI)

• "Network Hierarchy in Kirman's Ant Model: Fund Investments Can Create Risks" (with S. Alfarano and M. Raddant) [PDF].
• "The Small Core of the German Corporate Board Network" (with S. Alfarano and T. Lux) [PDF].
• "A Statistical Equilibrium Model of Competitive Firms" (with S. Alfarano, A. Irle and J. Kauschke) [updated PDF ].
• "Should Network Structure Matter in Agent-Based Finance?" (with S. Alfarano) [PDF].
• "Diversification Patterns in the Growth of Firms" (with C. Castaldi and A. Secchi) [PDF].
• "Maximum Entropy Power Laws: An Application to the Tail of Wealth Distributions" [PDF].
• "Towards a Statistical Equilibrium Theory of Wealth Distribution" (PhD thesis) [PDF].

• Pricing in Derivative Markets [S06, S07]
• International Monetary Economics [S05, S06, S07]
• Introduction to Economics (Macroeconomics) [W05-06, W06-07]
• Seminar: Empirical Finance and Derivative Pricing [W06-07]
• Seminar: Topics in Behavioral Finance and International Monetary Economics [W05-06]