Related papers: Regrets, learning and wisdom
We review an emerging body of work by physicists addressing questions of economic organization and function. We suggest that, beyond simply employing models familiar from physics to economic observables, remarkable regularities in economic…
Being able to correctly aggregate the beliefs of many people into a single belief is a problem fundamental to many important social, economic and political processes such as policy making, market pricing and voting. Although there exist…
The paper argues that attracting more economists and adopting a more-precise definition of dynamic complexity might help econophysics acquire more attention in the economics community and bring new lymph to economic research. It may be…
Econometrics and machine learning seem to have one common goal: to construct a predictive model, for a variable of interest, using explanatory variables (or features). However, these two fields developed in parallel, thus creating two…
Econophysics has developed as a research field that applies the formalism of Statistical Mechanics and Quantum Mechanics to address Economics and Finance problems. The branch of Econophysics that applies of Quantum Theory to Economics and…
The article examines how institutions, automation, unemployment and income distribution interact in the context of a neoclassical growth model where profits are interpreted as a surplus over costs of production. Adjusting the model to the…
Knowing and modelling the migration phenomena and especially the social and economic consequences have a theoretical and practical importance, being related to their consequences for development, economic progress (or as appropriate,…
How can econophysics contribute to economics? Since the relation between basic principles of physics and economics is not established, there is no reason why physical theories should be of any value for economic theory. While economic…
The aggregation of many independent estimates can outperform the most accurate individual judgment. This centenarian finding, popularly known as the wisdom of crowds, has been applied to problems ranging from the diagnosis of cancer to…
Big data have the characteristics of enormous volume, high velocity, diversity, value-sparsity, and uncertainty, which lead the knowledge learning from them full of challenges. With the emergence of crowdsourcing, versatile information can…
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…
Why do collectives outperform individuals when solving some problems? Fundamentally, collectives have greater computational resources with more sensory information, more memory, more processing capacity, and more ways to act. While greater…
Comparative benefits provided by the basic social strategies including collectivism and egoism are investigated within the framework of democratic decision-making. In particular, we study the mechanism of growing "snowball" of cooperation.
Humans cluster in social groups where they discuss their shared past, problems, and potential solutions; they learn collectively when they repeat activities; they establish social norms; they synchronize when they sing or dance together;…
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…
Wisdom of the crowd, the collective intelligence derived from responses of multiple human or machine individuals to the same questions, can be more accurate than each individual, and improve social decision-making and prediction accuracy.…
In line with the recent research and debates about econophysics and financial economics, this article discusses on usual misunderstandings between the two disciplines in terms of modelling and basic hypotheses. In the literature devoted to…
This paper investigates the wisdom of crowds of linear opinion dynamics models evolving on signed networks. Conditions are given under which models such as the DeGroot, Friedkin-Johnsen (FJ) and concatenated FJ models improve or undermine…
Aggregation functions are generally defined and used to combine several numerical values into a single one, so that the final result of the aggregation takes into account all the individual values in a given manner. Such functions are…
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…