Related papers: Universal Laws and Economic Phenomena
We study the dynamics of correlation and variance in systems under the load of environmental factors. A universal effect in ensembles of similar systems under the load of similar factors is described: in crisis, typically, even before…
The process of doing Science in condition of uncertainty is illustrated with a toy experiment in which the inferential and the forecasting aspects are both present. The fundamental aspects of probabilistic reasoning, also relevant in real…
This chapter provides a overview of Bayesian inference, mostly emphasising that it is a universal method for summarising uncertainty and making estimates and predictions using probability statements conditional on observed data and an…
A sharper formulation is presented for an interpretation of quantum mechanics advocated by author. As an essential element we put forward conservation laws concerning the ontological nature of a variable, and the uncertainties concerning…
We study links between first-order formulas and arbitrary properties for families of theories, classes of structures and their isomorphism types. Possibilities for ranks and degrees for formulas and theories with respect to given properties…
This article aims to provide an introductory survey on quantum random walks. Starting from a physical effect to illustrate the main ideas we will introduce quantum random walks, review some of their properties and outline their striking…
A plethora of natural, artificial and social systems exist which do not belong to the Boltzmann-Gibbs (BG) statistical-mechanical world, based on the standard additive entropy $S_{BG}$ and its associated exponential BG factor. Frequent…
Universal scaling laws of fluctuations (the $\Delta$-scaling laws) can be derived for equilibrium and off-equilibrium systems when combined with the finite-size scaling analysis. In any system in which the second-order critical behavior can…
We discuss the applications of Random Matrix Theory in the context of financial markets and econometric models, a topic about which a considerable number of papers have been devoted to in the last decade. This mini-review is intended to…
I discuss classical and quantum recurrence theorems in a unified manner, treating both as generalisations of the fact that a system with a finite state space only has so many places to go. Along the way I prove versions of the recurrence…
The view of nature we adopt in the natural attitude is determined by common sense, without which we could not survive. Classical physics is modelled on this common-sense view of nature, and uses mathematics to formalise our natural…
A simple class of chaotic systems in a random environment is considered and the fluctuation theorem is extended under the assumption of reversibility.
Science is a fundamental human activity and we trust its results because it has several error-correcting mechanisms. Its is subject to experimental tests that are replicated by independent parts. Given the huge amount of information…
We consider a market where many agents trade many different types of products with each other. We model development of collective modes in this market, and quantify these by fluctuations that scale with time with a Hurst exponent of about…
A review of the superstatistics concept is provided, including various recent applications to complex systems.
This paper is a short review on the application of continuos-time random walks to Econophysics in the last five years.
Almost all theories of physics have expressed physical laws by means of differential equations. One can ask: why differential equations? What is special about them? This article addresses these questions and is presented as an inquiry-based…
There has been significant recent progress in observational cosmology. This, in turn, has provided an unprecedented picture of the early universe and its evolution. In this review I will present a (biased) view of how one can use these…
We review economic research regarding the decision making processes of individuals in economics, with a particular focus on papers which tried analyzing factors that affect decision making with the evolution of the history of economic…
The use of kinetic modelling based on partial differential equations for the dynamics of stock price formation in financial markets is briefly reviewed. The importance of behavioral aspects in market booms and crashes and the role of…