Related papers: Econophysics as conceived by Meghnad Saha
Astrophysics is a social enterprise exemplified here by the Dark Energy Survey (DES) which completed its fieldwork in 2019 after 16 years of preparation and observation, while data analysis continues. Society funds astrophysics on a grand…
The physics of supersymmetry is reviewed from the perspective of physics at ever increasing energies. Starting from the minimal supersymmetric extension of the Standard Model at the electroweak scale, we proceed to higher energies seeking…
During its history, the ultimate goal of economics has been to develop similar frameworks for modeling economic behavior as invented in physics. This has not been successful, however, and current state of the process is the neoclassical…
We formulate thermodynamics of economic systems in terms of an arbitrary probability distribution for a conserved economic quantity. As in statistical physics, thermodynamic macroeconomic variables emerge as the mean value of microeconomic…
In the spirit of the emergent field of econophysics, a goodness-of-fit test for the Power-Law distribution, based on the Empirical Distribution Function (EDF) is presented, and related problems are discussed. An analysis of the tail…
How can we limit wealth disparities while stimulating economic flows in sustainable societies? To examine the link between these concepts, we propose an econophysics asset exchange model with the surplus stock of the wealthy. The wealthy…
We discuss basic statistical properties of systems with multifractal structure. This is possible by extending the notion of the usual Gibbs--Shannon entropy into more general framework - Renyi's information entropy. We address the…
An axiomatic approach to macroeconomics based on the mathematical structure of thermodynamics is presented. It deduces relations between aggregate properties of an economy, concerning quantities and flows of goods and money, prices and the…
This paper is an introduction to the von Neumann entropy in a historic approach. Von Neumann's gedanken experiment is repeated, which led him to the formula of thermodynamic entropy of a statistical operator. In the analysis of his ideas we…
Several problems arising in Economics and Finance are analyzed using concepts and quantitative methods from Physics. Here is the abridged abstact: Chapter 1: By analogy with energy, the equilibrium probability distribution of money must…
This paper reviews recent attempts at modelling inequality of wealth as an emergent phenomenon of interacting-agent processes. We point out that recent models of wealth condensation which draw their inspiration from molecular dynamics have,…
In this paper we introduce a simple model for a financial market characterized by a single stock or good and an interplay between two different traders populations, chartists and fundamentalists, which determine the price dynamic of the…
The aim of this paper is to highlight the challenges and potential gains surrounding a coherent description of physics from the high-energy scales of inflation down to the lower energy scales probed in particle-physics experiments. As an…
This paper takes James David Forbes' Encyclopaedia Britannica entry, Dissertation Sixth, as a lens to examine physics as a cognitive, practical, and social, enterprise. Forbes wrote this survey of eighteenth- and nineteenth-century…
Statistical properties of coupled dynamic-stochastic systems are studied within a combination of the maximum information principle and the superstatistical approach. The conditions at which the Shannon entropy functional leads to a…
Statistical physics aims to describe properties of macroscale systems in terms of distributions of their microscale agents. Its central tool is the maximization of entropy, a variational principle. We review the history of this principle,…
This reviews the econophysics activities in Belgium from my admittedly biased point of view. Unknown historical notes or facts are presented for the first time explaining the aims, whence evolution of the research papers and friendly…
In this paper, we attempt to derive the expression of ensemble average internal energy in long-range interaction complex system. Further, the Shannon entropy hypothesis is used to derive the probability distribution function of energy. It…
The purpose of this research article is to discover how the econophysics analysis can complement the econometrics models in application to the risk management in the central banks and financial institutions, operating within the nonlinear…
We investigate activities that have different periods of duration. We define the profit intensity as a measure of this economic category. The profit intensity in a repeated trading has a unique property of attaining its maximum at a fixed…