Essentials of Econophysics Modelling

Essentials of Econophysics Modelling PDF Author: Frantisek Slanina
Publisher: Oxford University Press
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.

Econophysics of Agent-Based Models

Econophysics of Agent-Based Models PDF Author: Frédéric Abergel
Publisher: Springer Science & Business Media
ISBN: 3319000233
Category : Science
Languages : en
Pages : 302

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Book Description
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.

The Story of Econophysics

The Story of Econophysics PDF Author: Kishore Chandra Dash
Publisher: Cambridge Scholars Publishing
ISBN: 1527538885
Category : Business & Economics
Languages : en
Pages : 222

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Book Description
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 and Financial Economics

Econophysics and Financial Economics PDF Author: Franck Jovanovic
Publisher: Oxford University Press
ISBN: 0190205032
Category : Business & Economics
Languages : en
Pages : 249

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Book Description
This work provides an 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.

From Galileo to Modern Economics

From Galileo to Modern Economics PDF Author: Gianfranco Tusset
Publisher: Springer
ISBN: 3319956124
Category : Business & Economics
Languages : en
Pages : 210

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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.

New Perspectives and Challenges in Econophysics and Sociophysics

New Perspectives and Challenges in Econophysics and Sociophysics PDF Author: Frédéric Abergel
Publisher: Springer
ISBN: 3030113647
Category : Science
Languages : en
Pages : 272

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Book Description
This book presents the latest perspectives and challenges within the interrelated fields of econophysics and sociophysics, which have emerged from the application of statistical physics to economics and sociology. Economic and financial markets appear to be in a permanent state of flux. Billions of agents interact with each other, giving rise to complex dynamics of economic quantities at the micro and macro levels. With the availability of huge data sets, researchers can address questions at a much more granular level than was previously possible. Fundamental questions regarding the aggregation of actions and information and the coordination, complexity, and evolution of economic and financial networks are currently receiving much attention in the econophysics research agenda. In parallel, the sociophysics literature has focused on large-scale social data and their interrelations. In this book, leading researchers from different communities – economists, sociologists, financial analysts, mathematicians, physicists, statisticians, and others – report on their recent work and their analyses of economic and social behavior.

The Palgrave Handbook of Quantum Models in Social Science

The Palgrave Handbook of Quantum Models in Social Science PDF Author: Emmanuel Haven
Publisher: Springer
ISBN: 1137492767
Category : Business & Economics
Languages : en
Pages : 365

Get Book

Book Description
It is not intuitive to accept that there exists a link between quantum physical systems and cognitive systems. However, recent research has shown that cognitive systems and collective (social) systems, including biology, exhibit uncertainty which can be successfully modelled with quantum probability. The use of such probability allows for the modelling of situations which typically violate the laws of classical probability. The Palgrave Handbook of Quantum Models in Social Science is is a unique volume that brings together contributions from leading experts on key topics in this new and emerging field. Completely self-contained, it begins with an introductory section which gathers all the fundamental notions required to be able to understand later chapters. The handbook then moves on to address some of the latest research and applications for quantum methods in social science disciplines, including economics, politics and psychology. It begins with the issue of how the quantum mechanical framework can be applied to economics. Chapters devoted to this topic range from how Fisher information can be argued to play a role in economics, to the foundations and application of quantum game theory. The handbook then progresses in considering how belief states can be updated with the theory of quantum measurements (and also with more general methods). The practical use of the Hilbert space (and Fock space) in decision theory is then introduced, and open quantum systems are also considered. The handbook also treats a model of neural oscillators that reproduces some of the features of quantum cognition. Other contributions delve into causal reasoning using quantum Bayes nets and the role of quantum probability in modelling so called affective evaluation. The handbook is rounded off with two chapters which discuss the grand challenges which lie ahead of us. How can the quantum formalism be justified in social science and is the traditional quantum formalism too restrictive? Finally, a question is posed: whether there is a necessary role for quantum mathematical models to go beyond physics. This book will bring the latest and most cutting edge research on quantum theory to social science disciplines. Students and researchers across the discipline, as well as those in the fields of physics and mathematics will welcome this important addition to the literature.

Order, Disorder and Criticality

Order, Disorder and Criticality PDF Author: Yurij Holovatch
Publisher: World Scientific
ISBN: 9814417890
Category : SCIENCE
Languages : en
Pages : 248

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Book Description
This book is the third volume of review papers on advanced problems of phase transitions and critical phenomena, following the success of the first two volumes in 2004 and in 2007. Broadly, the book aims to demonstrate that the phase transition theory, which experienced its OCygolden ageOCO during the 70s and 80s, is far from over and there is still a good deal of work to be done, both at the fundamental level and in respect of applications.This volume presents a broad spectrum of problems connected with criticality. It covers its theoretical backgrounds, analytical approaches and numerical simulations to describe criticality in specific systems (ionic fluids, diluted magnets, polymers), as well as phase transitions on complex networks and in the minority game model. As the first two volumes, this book is based on the review lectures that were given in Lviv (Ukraine) at the OC Ising lecturesOCO OCo a traditional annual workshop on phase transitions and critical phenomena which brings together scientists working in the field with university students and those who are interested in the subject.

Physics of the Human Temporality

Physics of the Human Temporality PDF Author: Ihor Lubashevsky
Publisher: Springer Nature
ISBN: 3030826120
Category : Science
Languages : en
Pages : 641

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Book Description
This book presents a novel account of the human temporal dimension called the “human temporality” and develops a special mathematical formalism for describing such an object as the human mind. One of the characteristic features of the human mind is its temporal extent. For objects of physical reality, only the present exists, which may be conceived as a point-like moment in time. In the human temporality, the past retained in the memory, the imaginary future, and the present coexist and are closely intertwined and impact one another. This book focuses on one of the fragments of the human temporality called the complex present. A detailed analysis of the classical and modern concepts has enabled the authors to put forward the idea of the multi-component structure of the present. For the concept of the complex present, the authors proposed a novel account that involves a qualitative description and a special mathematical formalism. This formalism takes into account human goal-oriented behavior and uncertainty in human perception. The present book can be interesting for theoreticians, physicists dealing with modeling systems where the human factor plays a crucial role, philosophers who are interested in applying philosophical concepts to constructing mathematical models, and psychologists whose research is related to modeling mental processes.

Trades, Quotes and Prices

Trades, Quotes and Prices PDF Author: Jean-Philippe Bouchaud
Publisher: Cambridge University Press
ISBN: 110715605X
Category : Business & Economics
Languages : en
Pages : 463

Get Book

Book Description
A deep-dive into the heart of modern financial markets, the authors explore why and how people trade - and the consequences.

Essentials of Econophysics Modelling

Essentials of Econophysics Modelling PDF Author: Frantisek Slanina
Publisher: Oxford University Press
ISBN: 0199299684
Category : Business & Economics
Languages : en
Pages : 427

View

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.

Econophysics of Agent-Based Models

Econophysics of Agent-Based Models PDF Author: Frédéric Abergel
Publisher: Springer Science & Business Media
ISBN: 3319000233
Category : Science
Languages : en
Pages : 302

View

Book Description
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.

The Story of Econophysics

The Story of Econophysics PDF Author: Kishore Chandra Dash
Publisher: Cambridge Scholars Publishing
ISBN: 1527538885
Category : Business & Economics
Languages : en
Pages : 222

View

Book Description
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 and Financial Economics

Econophysics and Financial Economics PDF Author: Franck Jovanovic
Publisher: Oxford University Press
ISBN: 0190205032
Category : Business & Economics
Languages : en
Pages : 249

View

Book Description
This work provides an 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.

From Galileo to Modern Economics

From Galileo to Modern Economics PDF Author: Gianfranco Tusset
Publisher: Springer
ISBN: 3319956124
Category : Business & Economics
Languages : en
Pages : 210

View

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.

New Perspectives and Challenges in Econophysics and Sociophysics

New Perspectives and Challenges in Econophysics and Sociophysics PDF Author: Frédéric Abergel
Publisher: Springer
ISBN: 3030113647
Category : Science
Languages : en
Pages : 272

View

Book Description
This book presents the latest perspectives and challenges within the interrelated fields of econophysics and sociophysics, which have emerged from the application of statistical physics to economics and sociology. Economic and financial markets appear to be in a permanent state of flux. Billions of agents interact with each other, giving rise to complex dynamics of economic quantities at the micro and macro levels. With the availability of huge data sets, researchers can address questions at a much more granular level than was previously possible. Fundamental questions regarding the aggregation of actions and information and the coordination, complexity, and evolution of economic and financial networks are currently receiving much attention in the econophysics research agenda. In parallel, the sociophysics literature has focused on large-scale social data and their interrelations. In this book, leading researchers from different communities – economists, sociologists, financial analysts, mathematicians, physicists, statisticians, and others – report on their recent work and their analyses of economic and social behavior.

The Palgrave Handbook of Quantum Models in Social Science

The Palgrave Handbook of Quantum Models in Social Science PDF Author: Emmanuel Haven
Publisher: Springer
ISBN: 1137492767
Category : Business & Economics
Languages : en
Pages : 365

View

Book Description
It is not intuitive to accept that there exists a link between quantum physical systems and cognitive systems. However, recent research has shown that cognitive systems and collective (social) systems, including biology, exhibit uncertainty which can be successfully modelled with quantum probability. The use of such probability allows for the modelling of situations which typically violate the laws of classical probability. The Palgrave Handbook of Quantum Models in Social Science is is a unique volume that brings together contributions from leading experts on key topics in this new and emerging field. Completely self-contained, it begins with an introductory section which gathers all the fundamental notions required to be able to understand later chapters. The handbook then moves on to address some of the latest research and applications for quantum methods in social science disciplines, including economics, politics and psychology. It begins with the issue of how the quantum mechanical framework can be applied to economics. Chapters devoted to this topic range from how Fisher information can be argued to play a role in economics, to the foundations and application of quantum game theory. The handbook then progresses in considering how belief states can be updated with the theory of quantum measurements (and also with more general methods). The practical use of the Hilbert space (and Fock space) in decision theory is then introduced, and open quantum systems are also considered. The handbook also treats a model of neural oscillators that reproduces some of the features of quantum cognition. Other contributions delve into causal reasoning using quantum Bayes nets and the role of quantum probability in modelling so called affective evaluation. The handbook is rounded off with two chapters which discuss the grand challenges which lie ahead of us. How can the quantum formalism be justified in social science and is the traditional quantum formalism too restrictive? Finally, a question is posed: whether there is a necessary role for quantum mathematical models to go beyond physics. This book will bring the latest and most cutting edge research on quantum theory to social science disciplines. Students and researchers across the discipline, as well as those in the fields of physics and mathematics will welcome this important addition to the literature.

Order, Disorder and Criticality

Order, Disorder and Criticality PDF Author: Yurij Holovatch
Publisher: World Scientific
ISBN: 9814417890
Category : SCIENCE
Languages : en
Pages : 248

View

Book Description
This book is the third volume of review papers on advanced problems of phase transitions and critical phenomena, following the success of the first two volumes in 2004 and in 2007. Broadly, the book aims to demonstrate that the phase transition theory, which experienced its OCygolden ageOCO during the 70s and 80s, is far from over and there is still a good deal of work to be done, both at the fundamental level and in respect of applications.This volume presents a broad spectrum of problems connected with criticality. It covers its theoretical backgrounds, analytical approaches and numerical simulations to describe criticality in specific systems (ionic fluids, diluted magnets, polymers), as well as phase transitions on complex networks and in the minority game model. As the first two volumes, this book is based on the review lectures that were given in Lviv (Ukraine) at the OC Ising lecturesOCO OCo a traditional annual workshop on phase transitions and critical phenomena which brings together scientists working in the field with university students and those who are interested in the subject.

Physics of the Human Temporality

Physics of the Human Temporality PDF Author: Ihor Lubashevsky
Publisher: Springer Nature
ISBN: 3030826120
Category : Science
Languages : en
Pages : 641

View

Book Description
This book presents a novel account of the human temporal dimension called the “human temporality” and develops a special mathematical formalism for describing such an object as the human mind. One of the characteristic features of the human mind is its temporal extent. For objects of physical reality, only the present exists, which may be conceived as a point-like moment in time. In the human temporality, the past retained in the memory, the imaginary future, and the present coexist and are closely intertwined and impact one another. This book focuses on one of the fragments of the human temporality called the complex present. A detailed analysis of the classical and modern concepts has enabled the authors to put forward the idea of the multi-component structure of the present. For the concept of the complex present, the authors proposed a novel account that involves a qualitative description and a special mathematical formalism. This formalism takes into account human goal-oriented behavior and uncertainty in human perception. The present book can be interesting for theoreticians, physicists dealing with modeling systems where the human factor plays a crucial role, philosophers who are interested in applying philosophical concepts to constructing mathematical models, and psychologists whose research is related to modeling mental processes.

Trades, Quotes and Prices

Trades, Quotes and Prices PDF Author: Jean-Philippe Bouchaud
Publisher: Cambridge University Press
ISBN: 110715605X
Category : Business & Economics
Languages : en
Pages : 463

View

Book Description
A deep-dive into the heart of modern financial markets, the authors explore why and how people trade - and the consequences.