Related papers: Universal Laws and Economic Phenomena
A general organizing principle is proposed that can be used to derive the equations of motion describing the near-equilibrium dynamics of causal and thermodynamically stable relativistic systems. The latter are found to display some new…
Mathematical methods of analysis of data and of predicting growth are discussed. The starting point is the analysis of the growth rates, which can be expressed as a function of time or as a function of the size of the growing entity.…
We are pleased to present a Special Section on Statistics and Astronomy in this issue of the The Annals of Applied Statistics. Astronomy is an observational rather than experimental science; as a result, astronomical data sets both small…
One of the main activities in science teaching, and in particular in Physics teaching, is not only the discussion of both modern problems and problems which solution is an urgent matter. It means that the picture of an active and alive…
Despite its apparent complexity, our world seems to be governed by simple laws of physics. This volume provides a philosophical introduction to such laws. I explain how they are connected to some of the central issues in philosophy, such as…
Statistical physics has proven to be a very fruitful framework to describe phenomena outside the realm of traditional physics. The last years have witnessed the attempt by physicists to study collective phenomena emerging from the…
Risk control has become one of the major concern of financial institutions. The need for adequate statistical tools to measure and anticipate the amplitude of the potential moves of financial markets is clearly expressed, in particular for…
Standard economic theory assumes that agents in markets behave rationally. However, the observation of extremely large fluctuations in the price of financial assets that are not correlated to changes in their fundamental value, as well as…
This article has one single purpose: introduce a new and simple, yet highly insightful approach to capture, fully and quantitatively, the dynamics of the circular flow of income in economies. The proposed approach relies mostly on basic…
The paper discusses the fundamental characteristics distinguishing the natural and social systems from each other. It considers in detail the basic approaches, prospects, and possibilities of constructing mathematical description for social…
In many applications of the probabilistic method, one looks to study phenomena that occur ``with high probability''. More recently however, in an attempt to understand some of the most fundamental problems in combinatorics, researchers have…
We study the distributions of money in a simple closed economic system for different types of monetary transactions. We know that for arbitrary and random sharing but locally conserving money transactions, the money distribution goes to the…
This paper offers a step towards research infrastructure, which makes data from experimental economics efficiently usable for analysis of web data. We believe that regularities of human behavior found in experimental data also emerge in…
In this article, it is shown specifically that natural system chance events as represented by theory predicted (a priori) probabilistic statements used in such realms as modern particle physics, among others, are only random relative to the…
Modern physics has demonstrated that matter behaves very differently as it approaches the speed of light. This paper explores the implications of modern physics to the operation and regulation of financial markets. Information cannot move…
Economies are complex man-made systems where organisms and markets interact according to motivations and principles not entirely understood yet. The increasing dissatisfaction with the postulates of traditional economics i.e. perfectly…
The climate system is a forced, dissipative, nonlinear, complex and heterogeneous system that is out of thermodynamic equilibrium. The system exhibits natural variability on many scales of motion, in time as well as space, and it is subject…
Economic systems are similar with physic systems for their large number of individuals and the exist of equilibrium. In this paper, we present a model applying the equilibrium statistical model in economic systems. Consistent with…
A thermodynamic approach to the description of economic systems and processes is developed. It is shown that there is a deep analogy between the parameters of thermodynamic and economic systems (markets); so each thermodynamic parameter can…
This article contains a concise review of the theory of inflation. We discuss its main theoretical aspects as well as its observational predictions. We also explain how the most recent astrophysical observations constrain the inflationary…