Econophysics

Econophysics

Background and Applications in Economics, Finance, and Sociophysics

1st Edition - October 23, 2012
This is the Latest Edition
  • Editor: Gheorghe Savoiu
  • eBook ISBN: 9780124046399
  • Paperback ISBN: 9780124046269

Purchase options

Purchase options
DRM-free (EPub, PDF, Mobi)
Available
Sales tax will be calculated at check-out

Institutional Subscription

Free Global Shipping
No minimum order

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.

Key Features

  • 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

Readership

Upper-division undergraduates, graduate students, and researchers in economics and finance

Table of Contents

  • Dedication

    List of Contributors

    Part I: General Background of Econophysics

    Chapter 1. History and Role of Econophysics in Scientific Research

    1.1 Introduction

    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

    References

    Further Reading

    Chapter 2. Multidisciplinary Modeling Knowledge and Unidisciplinary Isolation

    2.1 Introduction

    2.2 Multidisciplinary Modeling

    2.3 The Principles of Multidisciplinary Modeling

    2.4 A Final Remark

    References

    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

    3.5 Conclusions

    Acknowledgments

    References

    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?

    4.6 Conclusion

    References

    Chapter 5. Was It Possible to Forecast the Credit Crunch? (Monte Carlo Simulation of Integrated Market and Credit Risk)

    5.1 Introduction

    5.2 Introduction to Financial Theory

    5.3 Methodology of Credit Drivers

    5.4 Data Description and Analysis

    5.5 Results and Summary

    References

    Chapter 6. A Quantum Mechanics Model May Explain the Infringement of Some Financial Rules in Spite of Stiff Supervision

    6.1 Introduction

    6.2 Classical Approach

    6.3 Quantum Mechanical Approach: Schrödinger Representation

    Reference

    Chapter 7. The Potential of Econophysics for the Study of Economic Processes

    7.1 Introduction

    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

    7.6 Conclusions

    References

    Part III: Sociophysics

    Chapter 8. A Physical Model to Connect Some Major Parameters to be Considered in the Bologna Reform

    8.1 Introduction

    8.2 The Physical Model

    8.3 Conclusions

    Reference

    Chapter 9. Statistical Physics Models for Group Decision Making

    9.1 Introduction

    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)

    9.5 Conclusions

    References

    Chapter 10. Sociophysics: A New Science or a New Domain for Physicists in a Modern University

    10.1 Introduction

    10.2 A Brief History of Sociophysics

    10.3 Definitional Issues of Sociophysics

    10.4 Contemporary and Future Trends and Activities

    10.6 Conclusions

    10.7 A Final Remark

    References

Product details

  • No. of pages: 178
  • Language: English
  • Copyright: © Academic Press 2012
  • Published: October 23, 2012
  • Imprint: Academic Press
  • eBook ISBN: 9780124046399
  • Paperback ISBN: 9780124046269

About the Editor

Gheorghe Savoiu

Affiliations and Expertise

Facultatea de Stiinte Economice, Universitatea din Pitesti, Romania