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| econophysics book: Introduction to Econophysics Rosario N. Mantegna, H. Eugene Stanley, 2007-07-16 Statistical physics concepts such as stochastic dynamics, short- and long-range correlations, self-similarity and scaling, permit an understanding of the global behavior of economic systems without first having to work out a detailed microscopic description of the system. This pioneering text explores the use of these concepts in the description of financial systems, the dynamic new specialty of econophysics. The authors illustrate the scaling concepts used in probability theory, critical phenomena, and fully-developed turbulent fluids and apply them to financial time series. They also present a new stochastic model that displays several of the statistical properties observed in empirical data. Physicists will find the application of statistical physics concepts to economic systems fascinating. Economists and other financial professionals will benefit from the book's empirical analysis methods and well-formulated theoretical tools that will allow them to describe systems composed of a huge number of interacting subsystems. |
| econophysics book: 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 book: 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 book: 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 book: Econophysics and Financial Economics Franck Jovanovic, Christophe Schinckus, 2016-11-29 Econophysics and Financial Economics provides the first extensive analytic comparison between models and results from econophysics and financial economics in an accessible and common vocabulary. Jovanovic and Schinckus move beyond disciplinary frontiers to initiate the development of a common theoretical framework that makes sense for both traditionally trained financial economists and econophysicists. The major issues that limit and obstruct collaboration between the two fields are analyzed in detail. The book explains the theoretical and methodological foundations of these two fields in an accessible vocabulary providing the first extensive analytic comparison between models and results from both fields. By mixing conceptual, historical, theoretical and formal arguments and analysis, the book details the recent results in econophysics that bring it closer to financial economics. Beyond the clarifying the current situation of two camps, this book also proposes a generic model compatible with the two fields that in turn helps define minimal conditions for common models. It also identifies what remains to be done for econophysicists to contribute significantly to financial economics. Finally, this book provides a research agenda for a more fruitful collaboration between econophysicists and financial economists, creating new research opportunities. Econophysics and Financial Economics is an important step in creating a profitable dialogue between financial economists and econophysicists. It does so by identifying a common theoretical framework allowing the creation of more efficient models for the financial industry. |
| econophysics book: 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 book: 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 book: Econophysics & Economics of Games, Social Choices and Quantitative Techniques Banasri Basu, Bikas K. Chakrabarti, Satya R. Chakravarty, Kausik Gangopadhyay, 2010-06-01 The combined efforts of the Physicists and the Economists in recent years in analyzing and modelling various dynamic phenomena in monetary and social systems have led to encouraging developments, generally classified under the title of Econophysics. These developments share a common ambition with the already established field of Quantitative Economics. This volume intends to offer the reader a glimpse of these two parallel initiatives by collecting review papers written by well-known experts in the respective research frontiers in one cover. This massive book presents a unique combination of research papers contributed almost equally by Physicists and Economists. Additional contributions from Computer Scientists and Mathematicians are also included in this volume. The book consists of two parts: the first part concentrates on Econophysics problems and the second part stresses on various quantitative issues in Economics. Both parts specialize on frontier problems in Games and Social Choices. |
| econophysics book: Macro-Econophysics Hideaki Aoyama, Yoshi Fujiwara, 2017-07-04 This book explains the role of big data and statistical physics in understanding macroeconomic concepts. |
| econophysics book: The Story of Econophysics Kishore Chandra Dash, 2019-10 This book will appeal to the lay-reader with an interest in the history of what is today termed â ~Econophysicsâ (TM), 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 book: Essentials of Econophysics Modelling Frantisek Slanina, 2014 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 book: Dynamics of Markets Joseph L. McCauley, 2004-05-06 Text introducing a new empirically-based model of financial market dynamics. |
| econophysics book: Limit Order Books Frédéric Abergel, Marouane Anane, Anirban Chakraborti, Aymen Jedidi, Ioane Muni Toke, 2016-05-09 This text presents different models of limit order books and introduces a flexible open-source library, useful to those studying trading strategies. |
| econophysics book: Patterns of Speculation Bertrand M. Roehner, 2002-05-02 The main objective of this 2002 book is to show that behind the bewildering diversity of historical speculative episodes it is possible to find hidden regularities, thus preparing the way for a unified theory of market speculation. Speculative bubbles require the study of various episodes in order for a comparative perspective to be obtained and the analysis developed in this book follows a few simple but unconventional ideas. Investors are assumed to exhibit the same basic behavior during speculative episodes whether they trade stocks, real estate, or postage stamps. The author demonstrates how some of the basic concepts of dynamical system theory, such as the notions of impulse response, reaction times and frequency analysis, play an instrumental role in describing and predicting speculative behavior. This book will serve as a useful introduction for students of econophysics, and readers with a general interest in economics as seen from the perspective of physics. |
| econophysics book: Econophysics and Financial Economics Franck Jovanovic, Christophe Schinckus, 2017 This book provides the first extensive analytic comparison between models and results from econophysics and financial economics in an accessible and common vocabulary. Unlike other publications dedicated to econophysics, it situates this field in the evolution of financial economics by laying the foundations for common theoretical framework and models. |
| econophysics book: 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 book: 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 book: 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 book: New Directions in Statistical Physics Luc T. Wille, 2013-03-09 Statistical physics addresses the study and understanding of systems with many degrees of freedom. As such it has a rich and varied history, with applications to thermodynamics, magnetic phase transitions, and order/disorder transformations, to name just a few. However, the tools of statistical physics can be profitably used to investigate any system with a large number of components. Thus, recent years have seen these methods applied in many unexpected directions, three of which are the main focus of this volume. These applications have been remarkably successful and have enriched the financial, biological, and engineering literature. Although reported in the physics literature, the results tend to be scattered and the underlying unity of the field overlooked. This book provides a unique insight into the latest breakthroughs in a consistent manner, at a level accessible to undergraduates, yet with enough attention to the theory and computation to satisfy the professional researcher. |
| econophysics book: Methods and Finance Emiliano Ippoliti, Ping Chen, 2016-12-23 The book offers an interdisciplinary perspective on finance, with a special focus on stock markets. It presents new methodologies for analyzing stock markets’ behavior and discusses theories and methods of finance from different angles, such as the mathematical, physical and philosophical ones. The book, which aims at philosophers and economists alike, represents a rare yet important attempt to unify the externalist with the internalist conceptions of finance. |
| econophysics book: Introduction to Econophysics Carlo Requião da Cunha, 2021-10-28 Econophysics explores the parallels between physics and economics and is an exciting topic that is attracting increasing attention. However there is a lack of literature that explains the topic from a broad perspective. This book introduces advanced undergraduates and graduate students in physics and engineering to the topic from this outlook, and is accompanied by rigorous mathematics which ensures that this will also be a good guide for established researchers in the field as well as researchers from other fields, such as mathematics and statistics, who are interested in the topic. Key features: Presents a multidisciplinary approach that will be of interest to students and researchers from physics, engineering, mathematics, statistics, and other physical sciences Accompanied by Python code with further learning opportunities, available for readers to download from the CRC Press website. Accessible to both students and researchers Carlo R. da Cunha is an associate professor of physics and engineering physics at the Universidade Federal do Rio Grande do Sul (Brazil) and has been since 2011. Dr. da Cunha received his M.Sc. Degree from the West Virginia University in 2001 and his Ph.D. degree from Arizona State University in 2005. He was a postdoctoral researcher at McGill University in Canada in 2006 and an assistant professor of engineering at the University Federal de Santa Catarina between 2007 and 2011. He has been a guest professor at the Technische Universität Wien (Austria), Chiba University (Japan) and Arizona State University (US). His research revolves around the physics of complex systems where he has been drawing parallels between physical and economic systems from quantum to social levels. To access additional resources, such as python code, please take a look here. |
| econophysics book: 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 book: Finitary Probabilistic Methods in Econophysics Ubaldo Garibaldi, Enrico Scalas, 2010-08-19 Econophysics applies the methodology of physics to the study of economics. However, whilst physicists have good understanding of statistical physics, they may be unfamiliar with recent advances in statistical conjectures, including Bayesian and predictive methods. Equally, economists with knowledge of probabilities do not have a background in statistical physics and agent-based models. Proposing a unified view for a dynamic probabilistic approach, this book is useful for advanced undergraduate and graduate students as well as researchers in physics, economics and finance. The book takes a finitary approach to the subject, discussing the essentials of applied probability, and covering finite Markov chain theory and its applications to real systems. Each chapter ends with a summary, suggestions for further reading, and exercises with solutions at the end of the book. |
| econophysics book: 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 book: Stochastic Calculus and Differential Equations for Physics and Finance Joseph L. McCauley, 2013-02-21 Provides graduate students and practitioners in physics and economics with a better understanding of stochastic processes. |
| econophysics book: The Statistical Mechanics of Financial Markets Johannes Voit, 2013-06-29 These book grew out of a course entitled Physikalische Modelle in der Fi nanzwirtschaft which I have taught at the University of Freiburg during the winter term 1998/1999, building on a similar course a year before at the University of Bayreuth. It was an experiment. My interest in the statistical mechanics of capital markets goes back to a public lecture on self-organized criticality, given at the University of Bayreuth in early 1994. Bak, Tang, and Wiesenfeld, in the first longer paper on their theory of self-organized criticality [Phys. Rev. A 38, 364 (1988)] mention Mandelbrot's 1963 paper [J. Business 36, 394 (1963)] on power-law scaling in commodity markets, and speculate on economic systems being described by their theory. Starting from about 1995, papers appeared with increasing frequency on the Los Alamos preprint server, and in the physics literature, showing that physicists found the idea of applying methods of statistical physics to problems of economy exciting and that they produced interesting results. I also was tempted to start work in this new field. However, there was one major problem: my traditional field of research is the theory of strongly correlated quasi-one-dimensional electrons, conducting polymers, quantum wires and organic superconductors, and I had no prior education in the advanced methods of either stochastics and quantitative finance. |
| econophysics book: Quantum Field Theory for Economics and Finance B. E. Baaquie, 2018-08-23 This book provides an introduction to how the mathematical tools from quantum field theory can be applied to economics and finance. Providing a range of quantum mathematical techniques for designing financial instruments, it demonstrates how a range of topics have quantum mechanical formulations, from asset pricing to interest rates. |
| econophysics book: Econophysics Gheorghe Savoiu, 2012-11-27 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 book: 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 book: Econophysics Approaches to Large-Scale Business Data and Financial Crisis Misako Takayasu, Tsutomu Watanabe, Hideki Takayasu, 2010-04-27 In recent years, as part of the increasing “informationization” of industry and the economy, enterprises have been accumulating vast amounts of detailed data such as high-frequency transaction data in nancial markets and point-of-sale information onindividualitems in theretail sector. Similarly,vast amountsof data arenow ava- able on business networks based on inter rm transactions and shareholdings. In the past, these types of information were studied only by economists and management scholars. More recently, however, researchers from other elds, such as physics, mathematics, and information sciences, have become interested in this kind of data and, based on novel empirical approaches to searching for regularities and “laws” akin to those in the natural sciences, have produced intriguing results. This book is the proceedings of the international conference THICCAPFA7 that was titled “New Approaches to the Analysis of Large-Scale Business and E- nomic Data,” held in Tokyo, March 1–5, 2009. The letters THIC denote the Tokyo Tech (Tokyo Institute of Technology)–Hitotsubashi Interdisciplinary Conference. The conference series, titled APFA (Applications of Physics in Financial Analysis), focuses on the analysis of large-scale economic data. It has traditionally brought physicists and economists together to exchange viewpoints and experience (APFA1 in Dublin 1999, APFA2 in Liege ` 2000, APFA3 in London 2001, APFA4 in Warsaw 2003, APFA5 in Torino 2006, and APFA6 in Lisbon 2007). The aim of the conf- ence is to establish fundamental analytical techniques and data collection methods, taking into account the results from a variety of academic disciplines. |
| econophysics book: 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 book: 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 book: Experimental Econophysics Ji-Ping Huang, 2014-08-05 Experimental Econophysics describes the method of controlled human experiments, which is developed by physicists to study some problems in economics or finance, namely, stylized facts, fluctuation phenomena, herd behavior, contrarian behavior, hedge behavior, cooperation, business cycles, partial information, risk management, and stock prediction. Experimental econophysics together with empirical econophysics are two branches of the field of econophysics. The latter one has been extensively discussed in the existing books, while the former one has been seldom touched. In this book, the author will focus on the branch of experimental econophysics. Empirical econophysics is based on the analysis of data in real markets by using some statistical tools borrowed from traditional statistical physics. Differently, inspired by the role of controlled experiments and system modelling (for computer simulations and/or analytical theory) in developing modern physics, experimental econophysics specially relies on controlled human experiments in the laboratory (producing data for analysis) together with agent-based modelling (for computer simulations and/or analytical theory), with an aim at revealing the general cause-effect relationship between specific parameters and emergent properties of real economic/financial markets. This book covers the basic concepts, experimental methods, modelling approaches, and latest progress in the field of experimental econophysics. |
| econophysics book: An Introduction to Econophysics Rosario Nunzio Mantegna, Harry Eugene Stanley, 2000 |
| econophysics book: Econophysics and Sociophysics Bikas K. Chakrabarti, Anirban Chakraborti, Arnab Chatterjee, 2006-12-25 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 book: 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 book: Introduction to Econophysics Rosario N. Mantegna, H. Eugene Stanley, 1999-11-13 This book concerns the use of concepts from statistical physics in the description of financial systems. The authors illustrate the scaling concepts used in probability theory, critical phenomena, and fully developed turbulent fluids. These concepts are then applied to financial time series. The authors also present a stochastic model that displays several of the statistical properties observed in empirical data. Statistical physics concepts such as stochastic dynamics, short- and long-range correlations, self-similarity and scaling permit an understanding of the global behaviour of economic systems without first having to work out a detailed microscopic description of the system. Physicists will find the application of statistical physics concepts to economic systems interesting. Economists and workers in the financial world will find useful the presentation of empirical analysis methods and well-formulated theoretical tools that might help describe systems composed of a huge number of interacting subsystems. |
| econophysics book: Foundations and Applications of Complexity Economics J. Barkley Rosser, Jr., 2021-05-21 This book presents a survey of the aspects of economic complexity, with a focus on foundational, interdisciplinary ideas. The long-awaited follow up to his 2011 volume Complex Evolutionary Dynamics in Urban-Regional and Ecologic-Economic Systems: From Catastrophe to Chaos and Beyond, this volume draws together the threads of Rosser’s earlier work on complexity theory and its wide applications in economics and an expanded list of related disciplines. The book begins with a full account of the broader categories of complexity in economics--dynamic, computational, hierarchical, and structural--before shifting to more detailed analysis. The next two chapters address problems associated with computational complexity, especially those of computability, and discuss the Godel Incompleteness Theorem with a focus on reflexivity. The middle chapters discuss the relationship between entropy, econophysics, evolution, and economic complexity, respectively, with applications in urban and regional dynamics, ecological economics, general equilibrium theory, as well as financial market dynamics. The final chapter works to bring together these themes into a broader framework and expose some of the limits concerning analysis of deeper foundational issues. With applications in all disciplines characterized by interconnected nonlinear adaptive systems, this book is appropriate for graduate students, professors and practitioners in economics and related disciplines such as regional science, mathematics, physics, biology, environmental sciences, philosophy, and psychology. |
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 …
