Related papers: Regrets, learning and wisdom
Econophysics is an approach to quantitative economy using ideas, models, conceptual and computational methods of statistical physics. In recent years many of physical theories like theory of turbulence, scaling, random matrix theory or…
In the light of contemporary discussions of inter and transdisciplinarity, this paper approaches econophysics and sociophysics to seek a response to the question -- whether these interdisciplinary fields could contribute to physics and…
Econophysics is a new area developed recently by the cooperation between economists, mathematicians and physicists. It's not a tool to predict future prices of stocks and exchange rates. It applies idea, method and models in Statistical…
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…
Wisdom of crowds refers to the phenomenon that the aggregate prediction or forecast of a group of individuals can be surprisingly more accurate than most individuals in the group, and sometimes - than any of the individuals comprising it.…
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…
This is a review article for Encyclopedia of Complexity and System Science, to be published by Springer http://refworks.springer.com/complexity/. The paper reviews statistical models for money, wealth, and income distributions developed in…
This is an invited article for the Discussion and Debate special issue of The European Physical Journal Special Topics on the subject "Can Economics Be a Physical Science?" The first part of the paper traces the personal path of the author…
In this editorial guide for the special issue on econophysics, we give a unique review of this young but quickly growing discipline. A suggestive taxonomy of the development is proposed by making a distinction between classical econophysics…
Some personal reflections on the past and future of "econophysics", to appear in Europhysics News
This is a review about financial dependencies which merges efforts in econophysics and financial economics during the last few years. We focus on the most relevant contributions to the analysis of asset markets' dependencies, especially…
The conventional economic approaches explore very little about the dynamics of the economic systems. Since such systems consist of a large number of agents interacting nonlinearly they exhibit the properties of a complex system. Therefore…
This article is a response to the recent Worrying Trends in Econophysics critique written by four respected theoretical economists. Two of the four have written books and papers that provide very useful critical analyses of the shortcomings…
This paper uses a database of collaboration recording between Econophysics Scientists to study the community structure of this collaboration network, which with a single type of vertex and a type of undirected, weighted edge. Hierarchical…
The enterprise of trying to explain different social and economic phenomena using concepts and ideas drawn from physics has a long history. Statistical mechanics, in particular, has been often seen as most likely to provide the means to…
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…
In this study, we build on previous research to understand the conditions within which the Wisdom of the Crowd (WoC) improves or worsens as a result of showing individuals the predictions of their peers. Our main novel contributions are: 1)…
Whether, and under what conditions, groups exhibit "crowd wisdom" has been a major focus of research across the social and computational sciences. Much of this work has focused on the role of social influence in promoting the wisdom of the…
"Wisdom of crowds" refers to the phenomenon that the average opinion of a group of individuals on a given question can be very close to the true answer. It requires a large group diversity of opinions, but the collective error, the…
A fundamental challenge for modern economics is to understand what happens when actors in an economy are replaced with algorithms. Like rationality has enabled understanding of outcomes of classical economic actors, no-regret can enable the…