Related papers: Econophysics: historical perspectives
Recent developments in the mathematical foundations of quantum mechanics have brought the theory closer to that of classical probability and statistics. On the other hand, the unique character of quantum physics sets many of the questions…
The paper starts with a brief review of present understanding of income distributions; especially with regard to recent work in the field of econophysics that draws parallels between income, wealth and energy distributions. Examples of…
Initiatives to increase the number, persistence, and success of women in physics in the US reach pre-teen girls through senior women. Programs exist at both the local and national levels. In addition, researchers have investigated issues…
The purpose of this research article is to discover how the econophysics analysis can complement the econometrics models in application to the risk management in the central banks and financial institutions, operating within the nonlinear…
This Colloquium reviews statistical models for money, wealth, and income distributions developed in the econophysics literature since the late 1990s. By analogy with the Boltzmann-Gibbs distribution of energy in physics, it is shown that…
We present an outlook of the studies on correlations in the price timeseries of stocks, discussing the construction and applications of "asset tree". The topic discussed here should illustrate how the complex economic system (financial…
We review the possibilities and difficulties for statistical physicists if they apply their methods to biology, economics, or sociology.
Data describing historical economic growth are analysed. Included in the analysis is the world and regional economic growth. The analysis demonstrates that historical economic growth had a natural tendency to follow hyperbolic…
Ecologists and economists try to explain collective behavior in terms of competitive systems of selfish individuals with the ability to learn from the past. Statistical physicists have been investigating models which might contribute to the…
Scientific knowledge has become central to policymaking as societies face challenges related to technological change, climate risk, and public health. Despite the growing emphasis on evidence-based policy, a systematic understanding of how…
Complex macroscopic behaviour can arise in many-body systems with only very simple elements as a consequence of the combination of competition and inhomogeneity. This paper attempts to illustrate how statistical physics has driven this…
Is the present economic and financial crisis similar to some previous one? It would be so nice to prove that universality laws exist for predicting such rare events under a minimum set of realistic hypotheses. First, I briefly recall…
A scientometric analysis has been performed on selected physics journals to estimate the presence of simulation and modeling in physics literature in the past fifty years. Correlations between the observed trends and several social and…
A view on the physical meaning of the so called ergodic hypothesis: its role on the foundations of equilibrium statistical mechanics in mid '800, its interpretations and hints at its relevance for modern nonequilibrium statistical…
Environmental science almost invariably proposes problems of extreme complexity, typically characterized by strongly nonlinear evolution dynamics. The systems under investigation have many degrees of freedom - which makes them complicated -…
The present discussion concerning certain fundamental physical theories (such as string theory and multiverse cosmology) has reopened the demarcation problem between science and non-science. While parts of the physics community see the…
This article is a follow-up of a short essay that appeared in Nature 455, 1181 (2008) [arXiv:0810.5306]. It has become increasingly clear that the erratic dynamics of markets is mostly endogenous and not due to the rational processing of…
A vast body of literature addresses the complex nature of science's reproducibility crisis. In contrast with this perceived complexity, some recent papers from the discipline of physics suggests that irreproducibility does not point to a…
A non-technical argument is presented that there is a link between the mind and the physical world in modern physics. Special relativity, general relativity, quantum mechanics, statistical mechanics, and other areas of physics are explored.…
A vast concourse of events and phenomena occur in nature that may be interrelated by a entropy-maximization technique that provides a comprehensible explanation of a range of physical problems, integrating in a new framework the universal…