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Econophysics

Econophysics
  • Author : Gheorghe Săvoiu
  • Publisher :Unknown
  • Release Date :2013
  • Total pages :168
  • ISBN : 9780124046269
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Summary : 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

Introduction to Econophysics

Introduction to Econophysics
  • Author : Rosario N. Mantegna,H. Eugene Stanley
  • Publisher :Unknown
  • Release Date :2007-07-16
  • Total pages :164
  • ISBN : 0521039878
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Summary : 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.

New Perspectives and Challenges in Econophysics and Sociophysics

New Perspectives and Challenges in Econophysics and Sociophysics
  • Author : Frédéric Abergel,Bikas K. Chakrabarti,Anirban Chakraborti,Nivedita Deo,Kiran Sharma
  • Publisher :Unknown
  • Release Date :2019-05-15
  • Total pages :272
  • ISBN : 3030113639
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Summary : 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.

Classical Econophysics

Classical Econophysics
  • Author : Allin F. Cottrell,Paul Cockshott,Gregory John Michaelson,Ian P. Wright,Victor Yakovenko
  • Publisher :Unknown
  • Release Date :2009-06-02
  • Total pages :384
  • ISBN : 9781134020751
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Summary : 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

Econophysics
  • Author : Sitabhra Sinha,Arnab Chatterjee,Anirban Chakraborti,Bikas K. Chakrabarti
  • Publisher :Unknown
  • Release Date :2010-11-22
  • Total pages :352
  • ISBN : 9783527408153
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Summary : 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.

Practical Fruits of Econophysics

Practical Fruits of Econophysics
  • Author : Hideki Takayasu
  • Publisher :Unknown
  • Release Date :2006-01-05
  • Total pages :390
  • ISBN : 4431289143
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Summary : 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

Econophysics
  • Author : Gheorghe Săvoiu,Ion Iorga Simăn
  • Publisher :Unknown
  • Release Date :2012-11-27
  • Total pages :178
  • ISBN : 9780128068649
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Summary :

Introduction to Econophysics

Introduction to Econophysics
  • Author : Rosario N. Mantegna,H. Eugene Stanley
  • Publisher :Unknown
  • Release Date :2000
  • Total pages :148
  • ISBN : 0521620082
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Summary : 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.

Essentials of Econophysics Modelling

Essentials of Econophysics Modelling
  • Author : Frantisek Slanina
  • Publisher :Unknown
  • Release Date :2013-12
  • Total pages :432
  • ISBN : 9780199299683
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Summary : 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 and Financial Economics

Econophysics and Financial Economics
  • Author : Franck Jovanovic,Christophe Schinckus
  • Publisher :Unknown
  • Release Date :2016-12-29
  • Total pages :248
  • ISBN : 9780190205034
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Summary : What is econophysics? What makes an econophysicist? Why are financial economists reluctant to use results from econophysics? Can we overcome disputes concerning hypotheses used in financial economics and that make no sense for econophysicists? How can we create a profitable dialogue betweenfinancial economists and econophysicists? How do we develop a common theoretical framework allowing the creation of more efficient models for the financial industry? This book moves beyond the disciplinary frontiers in order to initiate the development of a common theoretical framework that makes sense for both traditionally trained financial economists and econophysicists. Unlike other publications dedicated to econophysics, this book is written by twofinancial economists and it situates econophysics in the evolution of financial economics. The major issues that concern the collaboration between the two fields are analyzed in detail. More specifically, this book explains the theoretical and methodological foundations of these two fields in anaccessible vocabulary providing the first extensive analytic comparison between models and results from both fields. The book also identifies the major conceptual gate-keepers that complicate dialogue between the two communities while it provides elements to overcome them. By mixing conceptual, historical, theoretical and formal arguments our analysis bridges the current deaf dialogue between financial economists and econophysicists. This book details the recent results in econophysics that bring it closer to financial economics. So doing, it identifies what remainsto be done for econophysicists to contribute significantly to financial economics. Beyond the clarification of the current situation, this book also proposes a generic model compatible with the two fields, defining minimal conditions for common models. Finally, this book provides a research agendafor a more fruitful collaboration between econophysicists and financial economists, creating new research opportunities. In this perspective, it lays the foundations for common theoretical framework and models.

Econophysics of Wealth Distributions

Econophysics of Wealth Distributions
  • Author : Arnab Chatterjee,Sudhakar Yarlagadda,Bikas K. Chakrabarti
  • Publisher :Unknown
  • Release Date :2007-06-25
  • Total pages :248
  • ISBN : 9788847003897
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Summary : 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 Stock and other Markets

Econophysics of Stock and other Markets
  • Author : Arnab Chatterjee,Bikas K. Chakrabarti
  • Publisher :Unknown
  • Release Date :2007-12-31
  • Total pages :255
  • ISBN : 8847005027
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Summary : This book reviews the latest econophysics researches on the fluctuations in stock, forex and other markets. The statistical modeling of markets, using various agent-based game theoretical approaches, and their scaling analysis have been discussed. The leading researchers in these fields have reported on their recent work and also reviewed the contemporary literature. Some historical perspectives as well as some comments and debates on recent issues in econophysics research have also been included.

Econophysics of Systemic Risk and Network Dynamics

Econophysics of Systemic Risk and Network Dynamics
  • Author : Frédéric Abergel,Bikas K. Chakrabarti,Anirban Chakraborti,Asim Ghosh
  • Publisher :Unknown
  • Release Date :2012-08-08
  • Total pages :300
  • ISBN : 9788847025530
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Summary : The primary goal of the book is to present the ideas and research findings of active researchers such as physicists, economists, mathematicians and financial engineers working in the field of “Econophysics,” who have undertaken the task of modeling and analyzing systemic risk, network dynamics and other topics. Of primary interest in these studies is the aspect of systemic risk, which has long been identified as a potential scenario in which financial institutions trigger a dangerous contagion mechanism, spreading from the financial economy to the real economy. This type of risk, long confined to the monetary market, has spread considerably in the recent past, culminating in the subprime crisis of 2008. As such, understanding and controlling systemic risk has become an extremely important societal and economic challenge. The Econophys-Kolkata VI conference proceedings are dedicated to addressing a number of key issues involved. Several leading researchers in these fields report on their recent work and also review contemporary literature on the subject.

Introduction to Econophysics

Introduction to Econophysics
  • Author : Rosario N. Mantegna,H. Eugene Stanley
  • Publisher :Unknown
  • Release Date :1999-11-13
  • Total pages :229
  • ISBN : 1139431226
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Summary : 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.

Noise and Fluctuations in Econophysics and Finance

Noise and Fluctuations in Econophysics and Finance
  • Author : Derek Abbott
  • Publisher :Unknown
  • Release Date :2005
  • Total pages :348
  • ISBN : UOM:39015061015049
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Summary : Proceedings of SPIE present the original research papers presented at SPIE conferences and other high-quality conferences in the broad-ranging fields of optics and photonics. These books provide prompt access to the latest innovations in research and technology in their respective fields. Proceedings of SPIE are among the most cited references in patent literature.

Econophysics of Markets and Business Networks

Econophysics of Markets and Business Networks
  • Author : Arnab Chatterjee,Bikas K. Chakrabarti
  • Publisher :Unknown
  • Release Date :2007-11-06
  • Total pages :266
  • ISBN : 9788847006652
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Summary : 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.

Experimental Econophysics

Experimental Econophysics
  • Author : Ji-Ping Huang
  • Publisher :Unknown
  • Release Date :2014-08-05
  • Total pages :192
  • ISBN : 9783662442340
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Summary : 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.

The Application of Econophysics

The Application of Econophysics
  • Author : Hideki Takayasu
  • Publisher :Unknown
  • Release Date :2012-12-06
  • Total pages :343
  • ISBN : 9784431539476
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Summary : 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 and Physical Economics

Econophysics and Physical Economics
  • Author : Peter Richmond,Jürgen Mimkes,Stefan Hutzler
  • Publisher :Unknown
  • Release Date :2013-09-05
  • Total pages :272
  • ISBN : 9780199674701
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Summary : This book summarises progress in the understanding of financial markets and economics based on the established methodology of statistical physics. With many physics departments offering undergraduate and postgraduate lectures in econophysics the book may serve as a valuable textbook. It should also be of interest to researchers in finance and business schools. Economics has come in for some criticism in recent years. This book offers a radically new approach tothe fundamentals of this subject that offers the potential for increased insight and understanding. It should be of interest to all serious students of the subject.

Macro-Econophysics

Macro-Econophysics
  • Author : Hideaki Aoyama,Yoshi Fujiwara,Yuichi Ikeda,Wataru Souma
  • Publisher :Unknown
  • Release Date :2017-07-04
  • Total pages :432
  • ISBN : 9781107198951
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Summary : This book explains the role of big data and statistical physics in understanding macroeconomic concepts.

Econophysics and Sociophysics

Econophysics and Sociophysics
  • Author : Bikas K. Chakrabarti,Anirban Chakraborti,Arnab Chatterjee
  • Publisher :Unknown
  • Release Date :2007-02-27
  • Total pages :648
  • ISBN : 9783527609581
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Summary : 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.