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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
Upper-division undergraduates, graduate students, and researchers in economics and finance
List of Contributors
Part I: General Background of Econophysics
Chapter 1. History and Role of Econophysics in Scientific Research
1.2 Relations between Economics and Physics
1.3 Relations between Economists and Physicists
1.4 History of Econophysics
1.5 Some Definitional Issues
1.6 Econophysics and Romanian Econophysicists
Chapter 2. Multidisciplinary Modeling Knowledge and Unidisciplinary Isolation
2.2 Multidisciplinary Modeling
2.3 The Principles of Multidisciplinary Modeling
2.4 A Final Remark
Part II: Economics and Finance
Chapter 3. The Efficiency of Capital Markets: Hypothesis or Approximation
3.1 Introduction: Defining Market Efficiency
3.2 Test of Market Efficiency
3.3 Data and Procedure
3.4 Variability of Market Efficiency
Chapter 4. Nonlinear Mechanisms of Generating Power Laws in Socioeconomic Systems
4.1 What are the Power Laws?
4.2 Are the Stock Market Returns Gaussian Distributed?
4.3 Something About the Richest People in the World
4.4 From the Smallest Towns to the Largest Cities
4.5 What Mark Have You Got Today?
Chapter 5. Was It Possible to Forecast the Credit Crunch? (Monte Carlo Simulation of Integrated Market and Credit Risk)
5.2 Introduction to Financial Theory
5.3 Methodology of Credit Drivers
5.4 Data Description and Analysis
5.5 Results and Summary
Chapter 6. A Quantum Mechanics Model May Explain the Infringement of Some Financial Rules in Spite of Stiff Supervision
6.2 Classical Approach
6.3 Quantum Mechanical Approach: Schrödinger Representation
Chapter 7. The Potential of Econophysics for the Study of Economic Processes
7.2 What is the Adequate Meaning for Contemporary Econophysics?
7.3 A Brief Historical Background of Econophysics
7.4 Methods of Econophysics
7.5 Review of Major Results and New Domains
Part III: Sociophysics
Chapter 8. A Physical Model to Connect Some Major Parameters to be Considered in the Bologna Reform
8.2 The Physical Model
Chapter 9. Statistical Physics Models for Group Decision Making
9.2 The Random Cluster Model for Group Decision Making (Galam, 2000b)
9.3 The Cluster Formation in the Social Impact Model (Kacperski and Holyst, 2000)
9.4 From Clusters of Individuals to Clusters of Countries (Gligor and Ausloos, 2007)
Chapter 10. Sociophysics: A New Science or a New Domain for Physicists in a Modern University
10.2 A Brief History of Sociophysics
10.3 Definitional Issues of Sociophysics
10.4 Contemporary and Future Trends and Activities
10.7 A Final Remark
- No. of pages:
- © Academic Press 2013
- 23rd October 2012
- Academic Press
- Paperback ISBN:
- eBook ISBN:
Facultatea de Stiinte Economice, Universitatea din Pitesti, Romania
"Romanian academics debate the role and potential of econophysics for Romanian scientific research and explain how physics can contribute to understanding economic problems, processes, and decisions. The ten chapters test the efficiency of capital markets, analyze nonlinear mechanisms generating power law distributions in socioeconomic systems, apply a quantum mechanics model to the infringement of financial rules, and model the complex process of group decision making."--Reference & Research Book News, December 2013
"This on-line book, made by a group of enthusiastic researchers whose way of working together was tested by the EDEN I-IV workshops, is an attractive book, dedicated to the emergence and rising importance of trans- and multidisciplinarity in economics, which emphasizes, in the closing section, the idea that the most important issue for this new science, called econophysics, remains its ability to measure, report and understand change in economic and social realities, much more quickly than classical economics still does. The book manages to introduce the reader to the specific issues of econophysics and provides useful applications to both students and graduates, postgraduates and researchers." - Excerpt of a review by Constantin Manea, University of Piteşti, România.