Related papers: Does economics need a scientific revolution?
This paper surveys products and studies on cryptoeconomics and tokenomics from an economic perspective, as these terms are still (i) ill-defined and (ii) disconnected from economic disciplines. We first suggest that they can be novel when…
Disagreement is an essential element of science and life in general. The language of probabilities and statistics is often used to describe disagreements quantitatively. In practice, however, we want much more than that. We want…
The processes of ecological interactions, dispersal and mutations shape the dynamics of biological communities, and analogous eco-evolutionary processes acting upon economic entities have been proposed to explain economic change. This…
In this review article we explore several recent advances in the quantitative modeling of financial markets. We begin with the Efficient Markets Hypothesis and describe how this controversial idea has stimulated a number of new directions…
What science does, what science could do, and how to make science work? If we want to know the answers to these questions, we need to be able to uncover the mechanisms of science, going beyond metrics that are easily collectible and…
Economic evaluation is a dynamically advancing knowledge area of health economics. It has been conceived to provide evidence for allocating scarce resources to gain the best value for money. The problem of efficiency of investments becomes…
In this short comment to a recent contribution by E. Manousakis [1] it is argued that the reported agreement between the measured time evolution of conscious states during binocular rivalry and predictions derived from quantum mechanical…
The purpose of this essay is to bring out the unique role of Mathematics in providing a base to the diverse sciences which conform to its rigid structure. Of these the physical and economic sciences are so intimately linked with…
Earlier meta-analyses of the economic impact of climate change are updated with more data, with three new results: (1) The central estimate of the economic impact of global warming is always negative. (2) The confidence interval about the…
Econophysics is a science in its infancy, born about ten years ago at this time of writing, at the crossing roads of physics, mathematics, computing and of course economics and finance. It also covers human sciences, because all economics…
Many socio-economic systems require positive economic growth rates to function properly. Given uncertainty about future growth rates and increasing evidence that economic growth is a driver of social and environmental crises, these growth…
For those concerned with the long-term value of their accounts, it can be a challenge to plan in the present for inflation-adjusted economic growth over coming decades. Here, I argue that there exists an economic constant that carries…
Classical economics has developed an arsenal of methods, based on the idea of representative agents, to come up with precise numbers for next year's GDP, inflation and exchange rates, among (many) other things. Few, however, will disagree…
This paper debates the contribution of Econophysics to the economic or financial domains. Since the traditional approach performed by Economics or Finance has revealed to be insufficient in fully characterizing and explaining the…
Econophysics embodies the recent upsurge of interest by physicists into financial economics, driven by the availability of large amount of data, job shortage in physics and the possibility of applying many-body techniques developed in…
Machine learning algorithms can now outperform classic economic models in predicting quantities ranging from bargaining outcomes, to choice under uncertainty, to an individual's future jobs and wages. Yet this predictive accuracy comes at a…
Non-Equilibrium Social Science (NESS) emphasizes dynamical phenomena, for instance the way political movements emerge or competing organizations interact. This paper argues that predictive analysis is an essential element of NESS, occupying…
This article summarizes recent research in financial economics about why information, such as earnings announcements, moves stock prices. The article does not presume any prior exposure to finance beyond what you might read in newspapers.
Economies are fundamentally complex and becoming more so, but the new discipline of data science-which combines programming, statistics, and domain knowledge-can help cut through that complexity, potentially with productivity benefits to…
An alternative model to measure simultaneously scientific and financial performances of scientific activities is proposed. This mathematical model focuses only on the final scientific outcomes in each fiscal year to gurantee the…