Related papers: Is Econophysics a Solid Science?
The climate is a forced and dissipative nonlinear system featuring non-trivial dynamics of a vast range of spatial and temporal scales. The understanding of the climate's structural and multiscale properties is crucial for the provision of…
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…
Influence theory is a foundational theory of physics that is not based on traditional empirically defined concepts, such as positions in space and time, mass, energy, or momentum. Instead, the aim is to derive these concepts, and their…
In the given work the first attempt to generalize quantum uncertainty relation on macro objects is made. Business company as one of economical process participants was chosen by the authors for this purpose. The analogies between quantum…
Since Kolmogorov's theory, turbulence has been studied using various methods, many of which could be now be understood in a probabilistic framework. Herein, a comprehensive review of the advances made on stochastic theory of turbulence…
Existence theory in economics is usually in real domains such as the findings of chaotic trajectories in models of economic growth, tatonnement, or overlapping generations models. Computational examples, however, sometimes converge rapidly…
Kinetic equations play a major rule in modeling large systems of interacting particles. Recently the legacy of classical kinetic theory found novel applications in socio-economic and life sciences, where processes characterized by large…
Foundations of equilibrium thermodynamics are the equation of state (EoS) and four postulated laws of thermodynamics. We use equilibrium thermodynamics paradigms in constructing the EoS for microeconomics system that is a market. This…
We are in the middle of a complex debate as to whether Economics is really a proper natural science. The 'Discussion & Debate' issue of this Euro. Phys. J. Special Topic volume is: 'Can economics be a Physical Science?' I discuss some…
New theoretical approaches about forecasting stock markets are proposed. A mathematization of the stock market in terms of arithmetical relations is given, where some simple (non-differential, non-fractal) expressions are also suggested as…
The 'Discussion & Debate' issue of this Euro. Phys. J. Special Topic volume is: 'Can economics be a Physical Science?' I would rather address a more general question: 'Can economics or sociology avoid joining Natural Science?' and argue…
The field of Financial Networks is a paramount example of the novel applications of Statistical Physics that have made possible by the present data revolution. As the total value of the global financial market has vastly outgrown the value…
Will a large economy be stable? Building on Robert May's original argument for large ecosystems, we conjecture that evolutionary and behavioural forces conspire to drive the economy towards marginal stability. We study networks of firms in…
This is an essay solicited by Europhysics News, published in its March/April 1998 issue with slight modifications. We outline some highlights of the econophysics models, especially the so-called Minority model of competition and evolution.…
Quantum thermodynamics is an emerging research field aiming to extend standard thermodynamics and non-equilibrium statistical physics to ensembles of sizes well below the thermodynamic limit, in non-equilibrium situations, and with the full…
As 2005, the International Year of Physics, comes to an end, two physicists working primarily in geophysical research reflect on how geophysics is not an applied physics. Although geophysics has certainly benefited from progress in physics…
The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that take human reasoning into account. This approach has been the cornerstone of modern economic theory. We explain why this…
This paper gives a brief overview on the nonparametric techniques that are useful for financial econometric problems. The problems include estimation and inferences of instantaneous returns and volatility functions of time-homogeneous and…
Approaching limitations of digital computing technologies have spurred research in neuromorphic and other unconventional approaches to computing. Here we argue that if we want to systematically engineer computing systems that are based on…
In this article, I would like to express some of my views on the nature of turbulence. These views are mainly drawn from the author's recent results on chaos in partial differential equations \cite{Li04}. Fluid dynamicists believe that…