But as we have seen recently, just the potential for a default by even a small country creates panic in markets.

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Although the contaminated spinach was traced to one small farm, the panic devastated an entire industry.

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News that the dreadlocked Bronx native known as "Face" had been found to be the common denominator in numerous HIV cases, including that of a 13-year-old girl, set off a panic in the small city and sent lines for HIV testing out clinic doors.

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This impact, while real, is too small to explain a worldwide market panic.

ECONOMIST: A week on the wild side

Our research found that companies that thought small tended to swing from complacency to panic.

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The odd-lot investor, as the small shareholder is often referred, tends to panic and sell in severe downturns, locking in a loss.

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That is because ABMs contain feedback mechanisms that can amplify small effects, such as the herding and panic that generate bubbles and crashes.

ECONOMIST: Economics focus

Meanwhile, there have been reports of panic buying of food, according to Stephen Alambritis of the Federation of Small Businesses.

BBC: Schools open for exams as freeze eases in parts of UK

But oh, the things she's seen on my end: the excuse-making, the nightgown under the trench coat to drive the car pool, the panic every time I see a gray hair--and that's just the small stuff.

CNN: Washington Diary: Should a Mom Rat on Her Daughter?