 Simulation of the states in our model reveal that it has " calm " state , where shocks do not cause very major losses, and " panicked " states, in which devastating damages occur.
<clarity>  Simulation of the states in our model reveal that it has " calm " state , where shocks do not cause very major losses, and " panicked " states, in which devastating damages occur.
 Simulation of the states in our model reveal that it has " calm " state , where shocks do not cause very major losses, or a " panicked " states, in which devastating damages occur.