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Econophysics
Econophysics is a non-orthodox (in economics) interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Some of its application to the study of financial markets has also been termed statistical finance referring to its roots in statistical physics. Econophysics is closely related to social physics. History Physicists' interest in the social sciences is not new (see e.g.,); Daniel Bernoulli, as an example, was the originator of utility-based preferences. One of the founders of neoclassical economic theory, former Yale University Professor of Economics Irving Fisher, was originally trained under the renowned Yale physicist, Josiah Willard Gibbs. Likewise, Jan Tinbergen, who won the first Nobel Memorial Prize in Economic Sciences in 1969 for having developed and applied dynamic models for the analysis of econo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bikas K Chakrabarti
Bikas Kanta Chakrabarti (born 14 December 1952 in Kolkata (erstwhile Calcutta) is an Indian physicist. At present he is INSA Scientist (Physics) at the Saha Institute of Nuclear Physics & Visiting Professor (Economics) at the Indian Statistical Institute, Kolkata, India. Biography Chakrabarti received his Ph.D. degree from Calcutta University in 1979. Following post-doctoral work at the University of Oxford and the University of Cologne, he joined the faculty of Saha Institute of Nuclear Physics (SINP) in 1983. He is S. S. Bhatnagar Prize awardee (1997) and former J. C. Bose National Fellow (2011-2020). He is a former director of SINP. At present he is INSA Scientist at SINP (2021-) and also Honorary Visiting Professor of economics (2007-) at the Indian Statistical Institute. Emeritus Professor of SINP and of S.N. Bose National Centre for Basic Sciences. Much of Chakrabarti's research has centered around statistical condensed matter physics (including Quantum anneal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kinetic Exchange Models Of Markets
Kinetic exchange models are multi-agent dynamic models inspired by the statistical physics of energy distribution, which try to explain the robust and universal features of income/wealth distributions. Understanding the distributions of income and wealth in an economy has been a classic problem in economics for more than a hundred years. Today it is one of the main branches of econophysics. Data and basic tools In 1897, Vilfredo Pareto first found a universal feature in the distribution of wealth. After that, with some notable exceptions, this field had been dormant for many decades, although accurate data had been accumulated over this period. Considerable investigations with the real data during the last fifteen years (1995–2010) revealed that the tail (typically 5 to 10 percent of agents in any country) of the income/wealth distribution indeed follows a power law. However, the majority of the population (i.e., the low-income population) follows a different distribution w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistical Finance
Statistical finance is the application of econophysics to financial markets. Instead of the normative roots of finance, it uses a positivist framework. It includes exemplars from statistical physics with an emphasis on emergent or collective properties of financial markets. Empirically observed stylized facts are the starting point for this approach to understanding financial markets. Stylized facts # Stock markets are characterised by bursts of price volatility. # Price changes are less volatile in bull markets and more volatile in bear markets. # Price change correlations are stronger with higher volatility, and their auto-correlations die out quickly. # Almost all real data have more extreme events than suspected. # Volatility correlations decay slowly. # Trading volumes have memory the same way that volatilities do. # Past price changes are negatively correlated with future volatilities. Research objectives Statistical finance is focused on three areas: # Empirical stu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Heterodox Economics
Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it is defined in contrast to the most prominent, influential or popular schools of thought in a given time and place.Dequench, David (2007) "Neoclassical, mainstream, orthodox, and heterodox economics", ''Journal of Post Keynesian Economics'', 30 (2), 279-30/ref> Groups typically classed as heterodox in current discourse include the Austrian school of economics, Austrian, Ecological economics, ecological, Marxian economics, Marxist-Historical school of economics, historical, Post-Keynesian economics, post-Keynesian, and modern monetary theory, modern monetary approaches.Frederic S. Lee, 2008. "heterodox economics," ''The New Palgrave Dictionary of Economics'', 2nd Edition, v. 4, pp. 2–65Abstract. Four frames of analysis have been highlight ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Calcutta
Kolkata, also known as Calcutta (List of renamed places in India#West Bengal, its official name until 2001), is the capital and largest city of the Indian States and union territories of India, state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary Financial centre, financial and Commercial area, commercial centre of Eastern India, eastern and Northeast India, northeastern India. Kolkata is the list of cities in India by population, seventh most populous city in India with an estimated city proper population of 4.5 million (0.45 crore) while its metropolitan region Kolkata Metropolitan Area is the List of million-plus agglomerations in India, third most populous metropolitan region of India with a metro population of over 15 million (1.5 crore). Kolkata is regarded by many sources as the cultural capital of India and a historically and culturally significant city in the historic Bengal, region of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kolkata
Kolkata, also known as Calcutta ( its official name until 2001), is the capital and largest city of the Indian state of West Bengal. It lies on the eastern bank of the Hooghly River, west of the border with Bangladesh. It is the primary financial and commercial centre of eastern and northeastern India. Kolkata is the seventh most populous city in India with an estimated city proper population of 4.5 million (0.45 crore) while its metropolitan region Kolkata Metropolitan Area is the third most populous metropolitan region of India with a metro population of over 15 million (1.5 crore). Kolkata is regarded by many sources as the cultural capital of India and a historically and culturally significant city in the historic region of Bengal.————— The three villages that predated Calcutta were ruled by the Nawab of Bengal under Mughal suzerainty. After the Nawab granted the East India Company a trading license in 1690, the area was developed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leiden University
Leiden University (abbreviated as ''LEI''; ) is a Public university, public research university in Leiden, Netherlands. Established in 1575 by William the Silent, William, Prince of Orange as a Protestantism, Protestant institution, it holds the distinction of being the oldest university in the Netherlands of today. During the Dutch Golden Age scholars from around Europe were attracted to the Dutch Republic for its climate of intellectual tolerance. Individuals such as René Descartes, Rembrandt, Christiaan Huygens, Hugo Grotius, Benedictus Spinoza, and later Baron d'Holbach were active in Leiden and environs. The university has seven academic faculties and over fifty subject departments, housing more than forty national and international research institutes. Its historical primary campus consists of several buildings spread over Leiden, while a second campus located in The Hague houses a liberal arts college (Leiden University College The Hague) and several of its faculties. It i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kinetic Theory Of Gas
The kinetic theory of gases is a simple classical model of the thermodynamic behavior of gases. Its introduction allowed many principal concepts of thermodynamics to be established. It treats a gas as composed of numerous particles, too small to be seen with a microscope, in constant, random motion. These particles are now known to be the atoms or molecules of the gas. The kinetic theory of gases uses their collisions with each other and with the walls of their container to explain the relationship between the macroscopic properties of gases, such as volume, pressure, and temperature, as well as Transport phenomena, transport properties such as viscosity, thermal conductivity and mass diffusivity. The basic version of the model describes an ideal gas. It treats the collisions as elastic collision, perfectly elastic and as the only interaction between the particles, which are additionally assumed to be much smaller than their average distance apart. Due to the time reversibility ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statistics
Statistics (from German language, German: ', "description of a State (polity), state, a country") is the discipline that concerns the collection, organization, analysis, interpretation, and presentation of data. In applying statistics to a scientific, industrial, or social problem, it is conventional to begin with a statistical population or a statistical model to be studied. Populations can be diverse groups of people or objects such as "all people living in a country" or "every atom composing a crystal". Statistics deals with every aspect of data, including the planning of data collection in terms of the design of statistical survey, surveys and experimental design, experiments. When census data (comprising every member of the target population) cannot be collected, statisticians collect data by developing specific experiment designs and survey sample (statistics), samples. Representative sampling assures that inferences and conclusions can reasonably extend from the sample ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Probability
Probability is a branch of mathematics and statistics concerning events and numerical descriptions of how likely they are to occur. The probability of an event is a number between 0 and 1; the larger the probability, the more likely an event is to occur."Kendall's Advanced Theory of Statistics, Volume 1: Distribution Theory", Alan Stuart and Keith Ord, 6th ed., (2009), .William Feller, ''An Introduction to Probability Theory and Its Applications'', vol. 1, 3rd ed., (1968), Wiley, . This number is often expressed as a percentage (%), ranging from 0% to 100%. A simple example is the tossing of a fair (unbiased) coin. Since the coin is fair, the two outcomes ("heads" and "tails") are both equally probable; the probability of "heads" equals the probability of "tails"; and since no other outcomes are possible, the probability of either "heads" or "tails" is 1/2 (which could also be written as 0.5 or 50%). These concepts have been given an axiomatic mathematical formaliza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
János Kertész
János Kertész is a Hungarian physicist known for his contributions to the fields of econophysics, complex networks, and the application of fractal geometry in physical problems. He has played a pioneering role in these areas, expanding the understanding and applications of statistical physics and complex systems A complex system is a system composed of many components that may interact with one another. Examples of complex systems are Earth's global climate, organisms, the human brain, infrastructure such as power grid, transportation or communication s .... Education and academic background Kertész completed his Diploma in Physics in 1976 from Eötvös University in Budapest. He was awarded a Fellowship of the Hungarian Academy of Sciences from 1976 to 1978. In 1980, he earned his Dr. rer nat. with a thesis on the atomic dynamics of simple liquids under the supervision of Prof. T. Geszti at the Institute of Technical Physics of the Hungarian Academy of Sciences. He achiev ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Physica A '', an international scientific journal for experimental and theoretical physics
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Physica may refer to: * Physics (Aristotle) * ''Physica'', a twelfth-century medical text by Hildegard of Bingen * ''Physica'' (journal), a Dutch scientific journal :* ''Physica A'' :* ''Physica B'' ;* ''Physica C'' :* ''Physica D'' :* ''Physica E'' * ''Physica Scripta ''Physica Scripta'' is an international scientific journal for experimental and theoretical physics. It was established in 1970 as the successor of ''Arkiv för Fysik'' and published by the Royal Swedish Academy of Sciences (KVA). Since 2006, it ha ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
