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| econophysics of wealth distributions: Econophysics of Wealth Distributions Arnab Chatterjee, Sudhakar Yarlagadda, Bikas K. Chakrabarti, 2007-06-25 We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and many are poor! Investigations for more than hundred years and the recent availability of the income distribution data in the internet (made available by the finance ministries of various countries; from the tax return data of the income tax departments) have revealed some remarkable features. Irrespective of many differences in culture, history, language and, to some extent, the economic policies followed in different countries, the income distribution is seen to fol low a particular universal pattern. So does the wealth distribution. Barring an initial rise in population with income (or wealth; for the destitutes), the population decreases either exponentially or in a log-normal way for the ma jority of 'middle income' group, and it eventually decreases following a power law (Pareto law, following Vilfredo Pareto's observation in 1896) for the rich est 5-10 % of the population! This seems to be an universal feature - valid for most of the countries and civilizations; may be in ancient Egypt as well! Econophysicists tried to view this as a natural law for a statistical ma- body-dynamical market system, analogous to gases, liquids or solids: classical or quantum. |
| econophysics of wealth distributions: Econophysics of Income and Wealth Distributions Bikas K. Chakrabarti, Anirban Chakraborti, Satya R. Chakravarty, Arnab Chatterjee, 2013-03-07 The first monograph in econophysics focussed on the analyses and modelling of these distributions, ideal for physicists and economists. |
| econophysics of wealth distributions: Econophysics of Income and Wealth Distributions , 2013 The distribution of wealth and income is never uniform, and philosophers and economists have tried for years to understand the reasons and formulate remedies for such inequalities. This book introduces the elegant and intriguing kinetic exchange models that physicists have developed to tackle these issues. This is the first monograph in econophysics focussed on the analyses and modelling of these distributions, and is ideal for physicists and economists. It is written in simple, lucid language, with plenty of illustrations and in-depth analyses, making it suitable for researchers new to this field as well as specialized readers. It explores the origin of economic inequality and examines the scientific steps that can be taken to reduce this inequality in the future-- |
| econophysics of wealth distributions: Econophysics Sitabhra Sinha, Arnab Chatterjee, Anirban Chakraborti, Bikas K. Chakrabarti, 2010-12-06 Filling the gap for an up-to-date textbook in this relatively new interdisciplinary research field, this volume provides readers with a thorough and comprehensive introduction. Based on extensive teaching experience, it includes numerous worked examples and highlights in special biographical boxes some of the most outstanding personalities and their contributions to both physics and economics. The whole is rounded off by several appendices containing important background material. |
| econophysics of wealth distributions: Econophysics of Income and Wealth Distributions Chakrabarti, Bikas K. Chakrabarti, 2013 The distribution of wealth and income is never uniform, and philosophers and economists have tried for years to understand the reasons and formulate remedies for such inequalities. This book introduces the elegant and intriguing kinetic exchange models that physicists have developed to tackle these issues. This is the first monograph in econophysics focussed on the analyses and modelling of these distributions, and is ideal for physicists and economists. It is written in simple, lucid language, with plenty of illustrations and in-depth analyses, making it suitable for researchers new to this field as well as specialized readers. It explores the origin of economic inequality and examines the scientific steps that can be taken to reduce this inequality in the future |
| econophysics of wealth distributions: Econophysics Gheorghe Savoiu, 2013 The remarkable evolution of econophysics research has brought the deep synthesis of ideas derived from economics and physics to subjects as diverse as education, banking, finance, and the administration of large institutions. The original papers in this collection present a broad summary of these advances, written by interdisciplinary specialists. Included are studies on subjects in the development of econophysics; on the perspectives offered by econophysics on large problems in economics and finance, including the 2008-9 financial crisis; and on higher education and group decision making. The introductions and insights they provide will benefit everyone interested in applications of this new transdisciplinary science. Ten papers present an updated version of the origins, issues, and applications of econophysics Economics and finance chapters consider lessons learned from the 2008-9 financial crisis Sociophysics chapters propose new thinking on educational reforms and group decision making |
| econophysics of wealth distributions: Income Distribution Dynamics of Economic Systems Marcelo Byrro Ribeiro, 2020-03-26 An overview of the distributive dynamics of economic systems in a broad theoretical and empirical sense from the econophysical viewpoint. |
| econophysics of wealth distributions: Econophysics and Sociophysics Bikas K. Chakrabarti, Anirban Chakraborti, Arnab Chatterjee, 2007-02-27 Using tricks to handle coupled nonlinear dynamical many-body systems, several advancements have already been made in understanding the behavior of markets/economic/social systems and their dynamics. The book intends to provide the reader with updated reviews on such major developments in both econophysics and sociophysics, by leading experts in the respective fields. This is the first book providing a panoramic view of these developments in the last decade. |
| econophysics of wealth distributions: Practical Fruits of Econophysics Hideki Takayasu, 2006-01-05 The proceedings of the Third Nikkei Econophysics Symposium, Business Models in the 21st Century - Risk Management and Expectations for Econophysics, held in Tokyo in November 2004, are gathered herein. Cutting-edge research on the practical application of econophysics is included, covering such topics as the predictability of markets, the analysis of rare events, the mechanism of crashes and bubbles, markets’ correlation and risk management, investment strategy, stochastic market simulations, agent-based market simulations, wealth distribution, and network structures in economics, most of which are beyond the scope of standard financial technology. New market models and financial-data analysis methods are introduced, and dynamic aspects of markets and economy are highlighted. Professionals, researchers, and students will find an invaluable resource in this first book of its kind to summarize the latest work in the field of econophysics. |
| econophysics of wealth distributions: Econophysics of Stock and other Markets Arnab Chatterjee, Bikas K. Chakrabarti, 2007-12-31 Reviews the econophysics researches on the fluctuations in stock, forex and other markets. Including some historical perspectives as well as some comments and debates on issues in econophysics research, this book also discusses the statistical modeling of markets, using various agent-based game theoretical approaches, and their scaling analysis. |
| econophysics of wealth distributions: Econophysics Gheorghe Săvoiu, Constantin Andronache, 2012-11-27 |
| econophysics of wealth distributions: Econophysics and Physical Economics Peter Richmond, Jürgen Mimkes, Stefan Hutzler, 2013-09-05 This book summarises progress in the understanding of financial markets and economics based on the established methodology of statistical physics. It offers a new approach to the fundamentals of economics that offers the potential for increased insight and understanding. It should be of interest to all serious students of the subject. |
| econophysics of wealth distributions: Complex Systems in Finance and Econometrics Robert A. Meyers, 2010-11-03 Finance, Econometrics and System Dynamics presents an overview of the concepts and tools for analyzing complex systems in a wide range of fields. The text integrates complexity with deterministic equations and concepts from real world examples, and appeals to a broad audience. |
| econophysics of wealth distributions: Economic Inequality and Income Distribution D. G. Champernowne, F. A. Cowell, 1998 Economic inequality has become a focus of prime interest for economic analysts and policy makers. This book provides an integrated approach to the topics of inequality and personal income distribution. It covers the practical and theoretical bases for inequality analysis, applications to real world problems and the foundations of theoretical approaches to income distribution. It also analyses models of the distribution of labour earnings and of income from wealth. The long-run development of income - and wealth - distribution over many generations is also examined. Special attention is given to an assessment of the merits and weaknesses of standard economic models, to illustrating the implications of distributional mechanisms using real data and illustrative examples, and to providing graphical interpretation of formal arguments. Examples are drawn from US, UK and international sources. |
| econophysics of wealth distributions: The Application of Econophysics Hideki Takayasu, 2012-12-06 Econophysics is a newborn field of science bridging economics and physics. A special feature of this new science is the data analysis of high-precision market data. In economics arbitrage opportunity is strictly denied; however, by observing high-precision data we can prove the existence of arbitrage opportunity. Also, financial technology neglects the possibility of market prediction; however, in this book you can find many examples of predicted events. There are other surprising findings. This volume is the proceedings of a workshop on application of econophysics at which leading international researchers discussed their most recent results. |
| econophysics of wealth distributions: New Approaches to Monetary Theory Heiner Ganßmann, 2012-03-12 Everybody uses money every day, but we rarely stop to think about how money works. In this book, scholars from different disciplines seek to answer that question; from historians to economists, sociologists, a philosopher and a physicist. Money works as a social construction because we have mutual expectations that support its use – despite the seeming irrationality of trading valuable things or doing strenuous work for pieces of paper or numbers in accounts. Recently, there has been a revival of interest in monetary theory, not least because the impacts of globalizing markets and of new communication and information technologies have changed the forms of money. The deep crisis of the financial system has demonstrated the importance of a functioning monetary system and although renewed interest in this has led to significant contributions in various fields, it remains true that no social science discipline on its own is sufficiently equipped to explain the basic workings of monetary systems, their rapid innovation and their effects on social, economic and political structures. The contributors to this book report on their latest research on the origins of money, on the nature of monetary transactions, on money and the state, and on the role of money and finance in the recent global crisis. They show how established theories of money and the policies guided by these theories went wrong. This collection will be a valuable resource for students and researchers seeking a deeper understanding of money. |
| econophysics of wealth distributions: Mathematical Modeling of Collective Behavior in Socio-Economic and Life Sciences Giovanni Naldi, Lorenzo Pareschi, Giuseppe Toscani, 2010-08-12 Using examples from finance and modern warfare to the flocking of birds and the swarming of bacteria, the collected research in this volume demonstrates the common methodological approaches and tools for modeling and simulating collective behavior. The topics presented point toward new and challenging frontiers of applied mathematics, making the volume a useful reference text for applied mathematicians, physicists, biologists, and economists involved in the modeling of socio-economic systems. |
| econophysics of wealth distributions: Essentials of Econophysics Modelling Frantisek Slanina, 2013-12-05 This book is a course in methods and models rooted in physics and used in modelling economic and social phenomena. It covers the discipline of econophysics, which creates an interface between physics and economics. Besides the main theme, it touches on the theory of complex networks and simulations of social phenomena in general. After a brief historical introduction, the book starts with a list of basic empirical data and proceeds to thorough investigation of mathematical and computer models. Many of the models are based on hypotheses of the behaviour of simplified agents. These comprise strategic thinking, imitation, herding, and the gem of econophysics, the so-called minority game. At the same time, many other models view the economic processes as interactions of inanimate particles. Here, the methods of physics are especially useful. Examples of systems modelled in such a way include books of stock-market orders, and redistribution of wealth among individuals. Network effects are investigated in the interaction of economic agents. The book also describes how to model phenomena like cooperation and emergence of consensus. The book will be of benefit to graduate students and researchers in both Physics and Economics. |
| econophysics of wealth distributions: Econophysics of Agent-Based Models Frédéric Abergel, Hideaki Aoyama, Bikas K. Chakrabarti, Anirban Chakraborti, Asim Ghosh, 2013-09-07 The primary goal of this book is to present the research findings and conclusions of physicists, economists, mathematicians and financial engineers working in the field of Econophysics who have undertaken agent-based modelling, comparison with empirical studies and related investigations. Most standard economic models assume the existence of the representative agent, who is “perfectly rational” and applies the utility maximization principle when taking action. One reason for this is the desire to keep models mathematically tractable: no tools are available to economists for solving non-linear models of heterogeneous adaptive agents without explicit optimization. In contrast, multi-agent models, which originated from statistical physics considerations, allow us to go beyond the prototype theories of traditional economics involving the representative agent. This book is based on the Econophys-Kolkata VII Workshop, at which many such modelling efforts were presented. In the book, leading researchers in their fields report on their latest work, consider recent developments and review the contemporary literature. |
| econophysics of wealth distributions: Econophysics of Markets and Business Networks Arnab Chatterjee, Bikas K. Chakrabarti, 2007-09-04 Econophysics research studies, which apply methods developed by physicists to solve problems in economics, enable you to deepen your understanding of what financial systems are and how they operate. Articles in this book identify and explain the statistical behavior of the underlying networks in trading, banking, and stock markets as well as other financial systems. Authors also debate the latest issues arising from these econophysics studies. |
| econophysics of wealth distributions: The Story of Econophysics Kishore Chandra Dash, 2019-08-22 This book will appeal to the lay-reader with an interest in the history of what is today termed ‘Econophysics’, looking at various works throughout the ages that have led to the emergence of this field. It begins with a discussion of the philosophers and scientists who have contributed to this discipline, before moving on to considering the contributions of different institutions, books, journals and conferences in nurturing the subject. |
| econophysics of wealth distributions: Select Topics of Econophysics Amit Sinha, 2024-11-04 Economics requires understanding and analyzing forces that bring buyers and sellers to a market place who then negotiate exchanges of goods and services based on a mutually agreeable price. Economists have their own method of modeling whereby models are first conceived of some notion of economic and financial thinking, before being empirically tested, and anomalies are then recognized if the observed data is inconsistent with the hypothetical underpinning. This is in inherent contradiction with the modeling approaches of physicists who develop their theories, principle and laws after observing empirical data. The awareness that physics can enlighten the understanding of human behavior (and thus economics), and the interest of physicists in applying their training and models to understanding the complexities of finance and economics, led to the creation of a new field of study appropriately termed as Econophysics. Selected Topics on Econophysics is a collection of essays on topics that enhance and enrich our understanding of economic modeling when the same rigor of modelling used by physicists is brought to developing financial and economic theories. These articles include discussions on modeling bitcoins, stock index modeling using geometric Brownian motion, agent-based modeling, wealth distribution modeling, as well as modeling related to fractal regression, and chaotic processes. This interdisciplinary book will interest researchers, graduate students and professionals in the fields of economics, finance as well as physics. |
| econophysics of wealth distributions: Evolution of Networks S. N. Dorogovtsev, J.F.F. Mendes, 2013-11 We live in a world of networks, where everything is amazingly close to everything else. The notion of 'network' turns out to be central to our times: the Internet and WWW are changing our lives; our physical existence is based on various biological networks; we are involved in all-enveloping networks of economic and social relations. Only in the 1990s did physicists begin to explore real networks, both natural and artificial, as evolving systems with intriguingly complex and effective architectures. Progress has been so immediate and astounding that we actually face a new science based on a new set of concepts, and, one may even say, on a new philosophy: the natural philosophy of a small world. Old ideas from mathematics, statistical physics, biology, computer science, and so on take on quite new forms in applications to real evolving networks. - What is common to all networks? - What are the general principles of the organization and evolution of networks? - How do the laws of nature work in communication, biological, and social networks? - What are networks? This book, written by physicists, answers these questions and presents a general insight into the world of networks. |
| econophysics of wealth distributions: Power Laws Iddo Eliazar, 2020-01-03 This monograph is a comprehensive and cohesive exposition of power-law statistics. Following a bottom-up construction from a foundational bedrock – the power Poisson process – this monograph presents a unified study of an assortment of power-law statistics including: Pareto laws, Zipf laws, Weibull and Fréchet laws, power Lorenz curves, Lévy laws, power Newcomb-Benford laws, sub-diffusion and super-diffusion, and 1/f and flicker noises. The bedrock power Poisson process, as well as the assortment of power-law statistics, are investigated via diverse perspectives: structural, stochastic, fractal, dynamical, and socioeconomic. This monograph is poised to serve researchers and practitioners – from various fields of science and engineering – that are engaged in analyses of power-law statistics. |
| econophysics of wealth distributions: Encyclopedia of Philosophy and the Social Sciences Byron Kaldis, 2013-03-07 This encyclopedia, magnificently edited by Byron Kaldis, will become a valuable source both of reference and inspiration for all those who are interested in the interrelation between philosophy and the many facets of the social sciences. A must read for every student of the humanities. Wulf Gaertner, University of Osnabrueck, Germany Like all good works of reference this Encyclopedia of Philosophy and the Social Sciences is not to be treated passively: it provides clear and sometimes controversial material for constructive confrontation. It is a rich resource for critical engagement. The Encyclopedia conceived and edited by Byron Kaldis is a work of impressive scope and I am delighted to have it on my bookshelf.” David Bloor, Edinburgh University This splendid and possibly unique work steers a skilful course between narrower conceptions of philosophy and the social sciences. It will be an invaluable resource for students and researchers in either or both fields, and to anyone working on the interrelations between them. William Outhwaite, Newcastle University The Encyclopedia of Philosophy and the Social Sciences is the first of its kind in bringing the subjects of philosophy and the social sciences together. It is not only about the philosophy of the social sciences but, going beyond that, it is also about the relationship between philosophy and the social sciences. The subject of the Encyclopedia is purposefully multi- and inter-disciplinary. Knowledge boundaries are both delineated and crossed over. The goal is to convey a clear sense of how philosophy looks at the social sciences and to mark out a detailed picture of how the two are interrelated: interwoven at certain times but also differentiated and contrasted at others. The Entries cover topics of central significance but also those that are both controversial and on the cutting-edge, underlining the unique mark of this Encyclopedia: the interrelationship between philosophy and the social sciences, especially as it is found in fresh ideas and unprecedented hybrid disciplinary areas. The Encyclopedia serves a further dual purpose: it contributes to the renewal of the philosophy of the social sciences and helps to promote novel modes of thinking about some of its classic problems. |
| econophysics of wealth distributions: Money, Virtual Energy Octavian Ksenzhek, 2007 Economic activity of humankind is considered in the book through the prism of fundamental physical concepts of Irreversible Thermodynamics. In the frame of such an approach the Economy appears as an immense global system, which performs work, necessary for functioning human societies, at the expense of dissipation of energy, both biological, provided with food, and technological, used for industrial and everyday needs. Money plays a fundamental role of virtual energy specific for economic processes, that makes possible mutual coupling of energy flows distinct in their nature. The author applies the concept of entropy of money and shows that it depends upon the degree of concentration of money. In turn entropy of money is shown to define attainable level of capability of money to perform work. An ambivalent role of inequality in income distribution in a society as a natural consequence of economic activity of humans and as a factor of its motivation is analyzed. Representing economy as a system driven by energy flows the author touches some conjugated global problems caused by developing economic activity of humankind, such as ecological ones. The considerations concerning the distinction between exogenous and endogenous energy as well as between heat-associated and substance-associated entropy seem to be very important. |
| econophysics of wealth distributions: The Great Polarization Rudiger von Arnim, Joseph E. Stiglitz, 2022-12-13 Inequality of income and wealth has skyrocketed since the 1970s. As the super-rich have grasped the vast majority of the gains from economic growth, labor’s share of income has declined. The middle class has stagnated, and those at the bottom have become even worse off. Persistent structural discrimination on the basis of race and gender exacerbates these economic disparities. The Great Polarization brings together scholars from disparate fields to examine the causes and consequences of this dramatic rise in inequality. Contributors demonstrate that institutions, norms, policy, and political power—not the “natural” operation of the market—determine the distribution of wealth and income. The book underscores the role of ideas and ideologies, showing how neoclassical economics and related beliefs have functioned in public debates to justify inequality. Together, these essays bear out an inescapable conclusion: inequality is a choice. The rules of the economy have been rewritten to favor those at the top, entrenching the imbalances of power that widen the gap between the very rich and everyone else. Contributors reconsider the data on inequality, examine the policies that have led to this predicament, and outline potential ways forward. Using both theoretical and empirical analysis and drawing on the knowledge of experts in policy, political economy, economics, and other disciplines, The Great Polarization offers a kaleidoscopic view of the processes that have shaped today’s stark hierarchies. |
| econophysics of wealth distributions: A Collection of Surveys on Savings and Wealth Accumulation Edda Claus, Iris Claus, 2016-05-02 In this collection of critical surveys the reader is provided with a range of up-to-date work from some of the leading scholars in the area, writing on private and public sector aspects of savings and wealth accumulation. A survey of savings and wealth accumulation which are important dimensions of research and policy debates Discusses the measurement of genuine savings and sustainability, the estimation of wealth inequality, and recent developments in consumer credit and defaults Evaluates the impact of student loans on financial well-being, people’s retirement decisions, and the impact of pension reform Considers the distribution of wealth across generations and the importance of accurately measuring government debt, the rise of sovereign wealth funds and Islamic banking and finance |
| econophysics of wealth distributions: Blockchain Economics and Financial Market Innovation Umit Hacioglu, 2019-12-03 This book discusses various aspects of blockchains in economic systems and investment strategies in crypto markets. It first addresses the topic from a conceptual and theoretical point of view, and then analyzes it from an assessment and investment angle. Further, it examines the opportunities and limitations of the taxation of crypto currency, as well as the political implications, such as regulation of speculation with crypto currencies. The book is intended for academicians and students in the fields of economics and finance. |
| econophysics of wealth distributions: Design Thinking Research Hasso Plattner, Christoph Meinel, Larry Leifer, 2015-09-08 This book summarizes the results of Design Thinking Research carried out at Stanford University in Palo Alto, California, USA and Hasso Plattner Institute in Potsdam, Germany. The authors offer readers a closer look at Design Thinking with its processes of innovations and methods. The contents of the articles range from how to design ideas, methods and technologies via creativity experiments and wicked problem solutions, to creative collaboration in the real world and the connectivity of designers and engineers. But the topics go beyond this in their detailed exploration of design thinking and its use in IT systems engineering fields and even from a management perspective. The authors show how these methods and strategies work in companies, introduce new technologies and their functions and demonstrate how Design Thinking can influence as diverse a topic area as marriage. Furthermore, we see how special design thinking use functions in solving wicked problems in complex fields. Thinking and creating innovations are basically and inherently human – so is Design Thinking. Due to this, Design Thinking is not only a factual matter or a result of special courses nor of being gifted or trained: it’s a way of dealing with our environment and improving techniques, technologies and life. |
| econophysics of wealth distributions: Nonlinear Maps and their Applications Ricardo López-Ruiz, Danièle Fournier-Prunaret, Yoshifumi Nishio, Clara Grácio, 2015-03-11 In the field of Dynamical Systems, nonlinear iterative processes play an important role. Nonlinear mappings can be found as immediate models for many systems from different scientific areas, such as engineering, economics, biology, or can also be obtained via numerical methods permitting to solve non-linear differential equations. In both cases, the understanding of specific dynamical behaviors and phenomena is of the greatest interest for scientists. This volume contains papers that were presented at the International Workshop on Nonlinear Maps and their Applications (NOMA 2013) held in Zaragoza, Spain, on September 3-4, 2013. This kind of collaborative effort is of paramount importance in promoting communication among the various groups that work in dynamical systems and networks in their research theoretical studies as well as for applications. This volume is suitable for graduate students as well as researchers in the field. |
| econophysics of wealth distributions: Classical Econophysics Allin F. Cottrell, Paul Cockshott, Gregory John Michaelson, Ian P. Wright, Victor Yakovenko, 2009-06-02 This monograph examines the domain of classical political economy using the methodologies developed in recent years both by the new discipline of econo-physics and by computing science. This approach is used to re-examine the classical subdivisions of political economy: production, exchange, distribution and finance. The book begins by examining the most basic feature of economic life – production – and asks what it is about physical laws that allows production to take place. How is it that human labour is able to modify the world? It looks at the role that information has played in the process of mass production and the extent to which human labour still remains a key resource. The Ricardian labour theory of value is re-examined in the light of econophysics, presenting agent based models in which the Ricardian theory of value appears as an emergent property. The authors present models giving rise to the class distribution of income, and the long term evolution of profit rates in market economies. Money is analysed using tools drawn both from computer science and the recent Chartalist school of financial theory. Covering a combination of techniques drawn from three areas, classical political economy, theoretical computer science and econophysics, to produce models that deepen our understanding of economic reality, this new title will be of interest to higher level doctoral and research students, as well as scientists working in the field of econophysics. |
| econophysics of wealth distributions: Econophysics of Order-driven Markets Frédéric Abergel, Bikas K Chakrabarti, Anirban Chakraborti, Manipushpak Mitra, 2011-04-06 The primary goal of the book is to present the ideas and research findings of active researchers from various communities (physicists, economists, mathematicians, financial engineers) working in the field of Econophysics, who have undertaken the task of modelling and analyzing order-driven markets. Of primary interest in these studies are the mechanisms leading to the statistical regularities (stylized facts) of price statistics. Results pertaining to other important issues such as market impact, the profitability of trading strategies, or mathematical models for microstructure effects, are also presented. Several leading researchers in these fields report on their recent work and also review the contemporary literature. Some historical perspectives, comments and debates on recent issues in Econophysics research are also included. |
| econophysics of wealth distributions: Econometrics of Risk Van-Nam Huynh, Vladik Kreinovich, Songsak Sriboonchitta, Komsan Suriya, 2014-12-15 This edited book contains several state-of-the-art papers devoted to econometrics of risk. Some papers provide theoretical analysis of the corresponding mathematical, statistical, computational, and economical models. Other papers describe applications of the novel risk-related econometric techniques to real-life economic situations. The book presents new methods developed just recently, in particular, methods using non-Gaussian heavy-tailed distributions, methods using non-Gaussian copulas to properly take into account dependence between different quantities, methods taking into account imprecise (fuzzy) expert knowledge, and many other innovative techniques. This versatile volume helps practitioners to learn how to apply new techniques of econometrics of risk, and researchers to further improve the existing models and to come up with new ideas on how to best take into account economic risks. |
| econophysics of wealth distributions: Econophysics and Data Driven Modelling of Market Dynamics Frédéric Abergel, Hideaki Aoyama, Bikas K. Chakrabarti, Anirban Chakraborti, Asim Ghosh, 2015-01-27 This book presents the works and research findings of physicists, economists, mathematicians, statisticians, and financial engineers who have undertaken data-driven modelling of market dynamics and other empirical studies in the field of Econophysics. During recent decades, the financial market landscape has changed dramatically with the deregulation of markets and the growing complexity of products. The ever-increasing speed and decreasing costs of computational power and networks have led to the emergence of huge databases. The availability of these data should permit the development of models that are better founded empirically, and econophysicists have accordingly been advocating that one should rely primarily on the empirical observations in order to construct models and validate them. The recent turmoil in financial markets and the 2008 crash appear to offer a strong rationale for new models and approaches. The Econophysics community accordingly has an important future role to play in market modelling. The Econophys-Kolkata VIII conference proceedings are devoted to the presentation of many such modelling efforts and address recent developments. A number of leading researchers from across the globe report on their recent work, comment on the latest issues, and review the contemporary literature. |
| econophysics of wealth distributions: Routledge International Handbook of Complexity Economics Ping Chen, Wolfram Elsner, Andreas Pyka, 2024-11-29 The Routledge International Handbook of Complexity Economics covers the historical developments and early concerns of complexity theorists and brings them into engagement with the world today. In this volume, a distinguished group of international scholars explore the state of the art of complexity economics, and how it may deliver new and relevant insights to the challenges of the 21st century. Complexity science started in 1899 when Henri Poincaré described the three-body problem. The first approaches in economics emerged somewhat later, in the 1980s, driven by the Brussels-Austin school. Since then, complexity economics has gone through numerous developments: departing from linear simplifications, applying physical algorithms, to evolutionary economics and big data. This book covers the basic principles and methods, and offers an overview of the various domains—ranging from diverse fields of productivity studies, agricultural economics, to monetary economics—as well as the current challenges such as climate change, epidemics and economic inequality where complexity economics can provide insight. It closes with a review of complexity political economy and policy. Offering a vibrant alternative to orthodox economics, this handbook is a crucial resource for advanced students, researchers and economists across the disciplines of heterodox economics, economic theory and econophysics. |
| econophysics of wealth distributions: Interacting Multiagent Systems Lorenzo Pareschi, Giuseppe Toscani, 2014 Mathematical modelling of systems constituted by many agents using kinetic theory is a new tool that has proved effective in predicting the emergence of collective behaviours and self-organization. This idea has been applied by the authors to various problems which range from sociology to economics and life sciences. |
| econophysics of wealth distributions: Book of Extremes Ted G. Lewis, 2014-05-10 What makes the 21st century different from the 20th century? This century is the century of extremes -- political, economic, social, and global black-swan events happening with increasing frequency and severity. Book of Extremes is a tour of the current reality as seen through the lens of complexity theory – the only theory capable of explaining why the Arab Spring happened and why it will happen again; why social networks in the virtual world behave like flashmobs in the physical world; why financial bubbles blow up in our faces and will grow and burst again; why the rich get richer and will continue to get richer regardless of governmental policies; why the future of economic wealth and national power lies in comparative advantage and global trade; why natural disasters will continue to get bigger and happen more frequently; and why the Internet – invented by the US -- is headed for a global monopoly controlled by a non-US corporation. It is also about the extreme innovations and heroic innovators yet to be discovered and recognized over the next 100 years.Complexity theory combines the predictable with the unpredictable. It assumes a nonlinear world of long-tailed distributions instead of the classical linear world of normal distributions. In the complex 21st century, almost nothing is linear or normal. Instead, the world is highly connected, conditional, nonlinear, fractal, and punctuated. Life in the 21st century is a long-tailed random walk – Levy walks -- through extreme events of unprecedented impact. It is an exciting time to be alive. |
| econophysics of wealth distributions: Recurrence Interval Analysis of Financial Time Series Wei-Xing Zhou, Zhi-Qiang Jiang, Wen-Jie Xie, 2024-03-21 This Element aims to provide a systemic description of the techniques and research framework of recurrence interval analysis of financial time series. The authors also provide perspectives on future topics in this direction. |
| econophysics of wealth distributions: Macroeconomic Analysis for Economic Growth Musa Jega Ibrahim, 2022-09-28 The book discusses the essential principles that guide macroeconomic policy formulation and implementation to stimulate strong economic growth for sustainable development, especially for emerging economies. It includes twelve chapters over three sections: “Macroeconomics of Economic Growth”, “Labour Market and Employment”, and “The Financial System and Macroeconomic Performance”. Key conclusions illustrate that the efficacy of regulatory frameworks to create enabling conditions for nurturing and bolstering robust value-adding production structures anchored on appropriate macroeconomic management are the fundamental building blocks of strong economic growth. |
Econophysics - Wikipedia
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, …
What has econophysics ever done for us? - Nature Physics
Jun 3, 2013 · In the past few years, however, this field of 'econophysics' has come in for some strong criticism. Physicists, critics say, have mostly just re-discovered things that others …
Econophysics
Mar 6, 2023 · Econophysics is an interdisciplinary field that combines concepts and methods from physics and economics to study complex economic systems. It applies statistical physics, …
Econophysics: An Emerging Discipline - JSTOR
discipline of econophysics as a possible alternative theoretical framework, even traditional economists have acknowledged that not everything is well with their discipline (Sen 2009). …
Econophysics, Statistical Mechanics Approach to | SpringerLink
Econophysics is an interdisciplinary research field applying methods of statistical physics to problems ineconomics and finance.
AN INTRODUCTION TO ECONOPHYSICS - ResearchGate
Mar 2, 2022 · This seminar presents a general review of Econophysics from a historical and technical point of view. The main objective of this seminar is to share common knowledge …
Econophysics: A Brief Review of Historical Development ...
Econophysics is an interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including …
Econophysics - Wikipedia
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, …
What has econophysics ever done for us? - Nature Physics
Jun 3, 2013 · In the past few years, however, this field of 'econophysics' has come in for some strong criticism. Physicists, critics say, have mostly just re-discovered things that others …
Econophysics
Mar 6, 2023 · Econophysics is an interdisciplinary field that combines concepts and methods from physics and economics to study complex economic systems. It applies statistical physics, …
Econophysics: An Emerging Discipline - JSTOR
discipline of econophysics as a possible alternative theoretical framework, even traditional economists have acknowledged that not everything is well with their discipline (Sen 2009). …
Econophysics, Statistical Mechanics Approach to | SpringerLink
Econophysics is an interdisciplinary research field applying methods of statistical physics to problems ineconomics and finance.
AN INTRODUCTION TO ECONOPHYSICS - ResearchGate
Mar 2, 2022 · This seminar presents a general review of Econophysics from a historical and technical point of view. The main objective of this seminar is to share common knowledge …
Econophysics: A Brief Review of Historical Development ...
Econophysics is an interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including …
