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Author: Peter Richmond
Publisher: Oxford University Press, USA
ISBN: 0199674701
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
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.
Author: Peter Richmond
Publisher: Oxford University Press, USA
ISBN: 0199674701
Category : Business & Economics
Languages : en
Pages : 258
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Book Description
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.
Author: Rosario N. Mantegna
Publisher: Cambridge University Press
ISBN: 1139431226
Category : Business & Economics
Languages : en
Pages : 164
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Book Description
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.
Author: Franck Jovanovic
Publisher: Oxford University Press
ISBN: 0190205032
Category : Business & Economics
Languages : en
Pages : 249
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Book Description
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.
Author: Sitabhra Sinha
Publisher: John Wiley & Sons
ISBN: 3527408150
Category : Science
Languages : en
Pages : 371
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Book Description
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.
Author: Hideaki Aoyama
Publisher: Cambridge University Press
ISBN: 1108225802
Category : Science
Languages : en
Pages : 438
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Book Description
The concepts of statistical physics and big data play an important role in the evidence-based analysis and interpretation of macroeconomic principles. The techniques of complex networks, big data, and statistical physics are useful to understand theories of economic systems, and the authors have applied these to understand the intricacies of complex macroeconomic problems. Recent research work using tools and techniques of big data, statistical physics, complex networks, and statistical science is covered, and basic graph algorithms and statistical measures of complex networks are described. The application of big data and statistical physics tools to assess price dynamics, inflation, systemic risks, and productivity is discussed. Chapter-end summary and numerical problems are provided to reinforce understanding of concepts.
Author: Frantisek Slanina
Publisher: Oxford University Press, USA
ISBN: 0199299684
Category : Business & Economics
Languages : en
Pages : 427
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Book Description
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.
Author: Gheorghe Savoiu
Publisher: Academic Press
ISBN: 0124046266
Category : Business & Economics
Languages : en
Pages : 180
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Book Description
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
Author: Michael Schulz
Publisher: Springer
ISBN: 0387217134
Category : Mathematics
Languages : en
Pages : 252
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Book Description
This systematic book covers in simple language the physical foundations of evolution equations, stochastic processes and generalized Master equations applied on complex economic systems, helping to understand the large variability of financial markets, trading and communications networks.
Author: Bikas K. Chakrabarti
Publisher: Cambridge University Press
ISBN: 1107013445
Category : Business & Economics
Languages : en
Pages : 225
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Book Description
The first monograph in econophysics focussed on the analyses and modelling of these distributions, ideal for physicists and economists.
Author: Gianfranco Tusset
Publisher: Palgrave Macmillan
ISBN: 9783319956114
Category : Business & Economics
Languages : en
Pages : 0
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Book Description
Empirical laws are rare in economics. This book describes efforts to anchor economic knowledge to invariant empirical laws. It links 17th and 18th century Galilean monetary economists to econophysics, a field that emerged in the mid-1990s. This virtual journey from past to present is charted by episodes on aggregates and empirical primacy. It includes the virtually unknown story of 19th century scholars who, by searching for a stricter mathematical approach, paved the way to an ‘engineering’ view of economics. Then there are celebrities like Pareto and his first empirical law governing the distribution of wealth. Pareto and Amoroso sparked a debate on the skewed distribution that spanned decades, ranging from finance to market transformations, to econophysics, with its concepts and tools inherited from statistical physics. The last stage of the journey goes through econophysics and the recent gradual advances it has made, which show how its position vis-à-vis economics has been changing.
