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This paper models the benefits of Islamic banking on the efficiency of the banking sector and on societal happiness. This paper aims to examine how the adoption of Islamic banking to various degrees affects economics outcomes.

This study uses machine-learning tools to build a happiness function and integrate it in an agent-based model to test for the direct and indirect welfare effects of implementing Islamic banking principles.

This study shows that even though Islamic banking systems tend to reduce economic activity, financial stability and societal happiness is improved. Additionally, a banking sector using Islamic principles across all its members is better equipped to handle banking crises because contagion to both economic activity and societal welfare is greatly reduced. At the same time, adoption of the profit-and-loss sharing (PLS) paradigm by banks may also slow down economic growth.

The findings extend existing literature on the advantages of Islamic banking, by quantifying the welfare benefits of the PLS paradigm on happiness and financial stability.

To the best of the authors’ knowledge, this paper is the first to combine agent-based modelling with machine learning tools to examine the benefits of the Islamic banking model on financial stability, social welfare and unemployment.

The purpose of this paper is to examine the link between banking crises and the subjective well-being of individuals. In addition, the authors examine the transmission of crises from the banking sector to well-being and show that negative financial shocks have significant adverse effects.

The authors employ agent-based modeling to test for the direct and indirect welfare effects of banking crises. The model includes a support vector machine (SVM) optimized subjective well-being function. The existing literature suggests that this is influenced by both the negative psychological effects of recessions and the adverse economic effects of income loss and increased unemployment.

The authors show that the different choices of policy response to a banking crisis carry different opportunity costs in terms of welfare and that societal preferences should be taken into account. The authors demonstrate that these effects influence different population classes in an asymmetric manner. Finally, the results demonstrate that the welfare loss of a bank failure is much higher than the cost of a bailout.

The authors are able to propose to the authorities the best policy mix in order to handle banking crises in the most adequate manner, according to society's preferences between financial stability and public goods.

The findings extend the existing literature on subjective well-being, by quantifying the welfare cost of banking crises and showing that authorities should reconsider bank bailouts as a policy solution to bank distress.

The originality of this article lies in the use of an agent-based model to model the relationship between societal well-being and financial stability. Also, the authors extend existing agent-based methodologies to include machine learning optimization techniques.

It is widely accepted that coauthorship and collaboration promotes intellectual partnerships and improves the quality of publications. This paper examines the relationship between collaboration, productivity and publications in the field of family business.

The authors identify the most prolific authors, affiliations and countries and focus on the evolution of research in the field of family business. In doing so, the authors employ social network analysis to discover the structure of the networks and the ways in which authors, institutions and countries interact.

The empirical results show that collaboration is positively related to productivity, and there is significant evidence that the shaped networks exhibit small-world characteristics, a condition in which collaboration within authors becomes integrated in conjunction with time.

The findings highlight the mechanics of collaborative research production and can be useful to understand the importance of collaboration patterns to be followed in the field of family business.

The contributions are as follows: (a) application of social network analysis to model the coauthorship patterns among individuals, institutions and countries in family business; (b) distinguishing the most degree-central authors in the social network of collaborating academics; (c) investigation of the academic collaborations in family business that have the characteristics of a small-world social network and (d) suggesting a unique connection, through published keywords, between the research priorities of the most central or prolific authors with the research trends in the family business literature. The authors demonstrate that authors' collaboration becomes integrated in conjunction with time.