Related papers: Universal Laws and Economic Phenomena
We give a survey of some known results and of the many open questions in the study of generic phenomena in geometrically interesting groups.
To what extent can our limited set of observations be used to pin down the specifics of a ``Theory of Everything''? In the limit where the links are arbitrarily tenuous, a ``Theory of Everything'' might become a ``Theory of Anything''. A…
We describe a broad dynamical-algebraic framework for analyzing the quantum control properties of a set of naturally available interactions. General conditions under which universal control is achieved over a set of subspaces/subsystems are…
General physics approach is applied to analysis of power components in electrical systems under sinusoidal and non-sinusoidal conditions. Physical essence of active, reactive and distorting powers are determinate. It is shown that the all…
Collective phenomena with universal properties have been observed in many complex systems with a large number of components. Here we present a microscopic model of the emergence of scaling behavior in such systems, where the interaction…
In recent years, political economists, financial economists, and other social scientists have introduced spin and lattice models into their theoretical tool kit. To this end, the modeling skills of hard scientists may be of assistance. This…
Preferences of individuals are distributions of elements generated by generalized functions. Models of economic decision-making derived from such distributions are consistent with results of physiological experiments, and explain any…
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…
The article reveals the main theoretical approaches to the analysis and study of the phenomenon of corruption. Special attention is paid to the consideration of the index approach to the analysis of corruption.
Network economics is the study of a rich class of equilibrium problems that occur in the real world, from traffic management to supply chains and two-sided online marketplaces. In this paper we explore causal inference in network economics,…
A common assumption of political economy is that profit rates across firms or sectors tend to uniformity, and often models are formulated in which this tendency is assumed to have been realised. But in reality this tendency is never…
For this special issue, the article aims at discussing a few econophysics problems studied so far rather successfully. The following "applications" in micro-econo-physics are considered : (i) financial crashes; it is emphasized that one can…
In the scientific literature, the term emergent phenomena is invoked in the context of a collective behavior observed in a complex adaptive system that exhibits no correspondence with the behavior of the system constituents. Although this…
Many economic theories have been introduced over the course of history to articulate our understanding of the economy. Classical theories by Adam Smith and David Ricardo's Comparative Advantage have been foundational for the last century's…
We claim that human mathematics is only a limited part of the consequences of the chosen basic axioms. Properly human mathematics varies with time but appears to have universal features which we try to analyze. In particular the functioning…
The Bayesian statistical paradigm provides a principled and coherent approach to probabilistic forecasting. Uncertainty about all unknowns that characterize any forecasting problem -- model, parameters, latent states -- is able to be…
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…
A well-known topic within the philosophy of physics is the problem of fine-tuning: the fact that the universal constants seem to take non-arbitrary values in order for live to thrive in our Universe. In this paper we will talk about this…
The paper deals with the study of labor market dynamics, and aims to characterize its equilibriums and possible trajectories. The theoretical background is the theory of the segmented labor market. The main idea is that this theory is well…
Price fluctuations in financial markets can be characterized by L\'evy's stable distribution, which is supported by the generalized central limit system. When the stable parameters were estimated from four different stock markets in long…