In some ways, the e?ect of achieving understanding is to reverse completely our initial attitude of mind. For everyone starts (as we have said) by being perplexed by some fact or other: for instance... the fact that the diagonal of a square is incommensurable with the side. Anyone who has not yet seen why the side and the diagonal have no common unit regards this as quite extra- dinary. But one ends up in the opposite frame of mind... for nothing would so much ?abbergast a mathematician as if the diagonal and side of a square were to become commensurable . Aristotele] This is the ?rst volume...
In some ways, the e?ect of achieving understanding is to reverse completely our initial attitude of mind. For everyone starts (as we have said) by bei...
We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and many are poor Investigations for more than hundred years and the recent availability of the income distribution data in the internet (made available by the finance ministries of various countries; from the tax return data of the income tax departments) have revealed some remarkable features. Irrespective of many differences in culture, history, language and, to some extent, the economic policies followed in different countries, the income...
We all know the hard fact: neither wealth nor income is ever uniform for us all. Justified or not, they are unevenly distributed; few are rich and man...
This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader range of models would include agent-based models, which use computational power to deal with specification of models that are far beyond analytic solution; and non-linear dynamic stochastic models, many of which are beyond analytic solution, but whose nature can be discovered by a combination of analytics and computer simulations.
This book considers the benefits of complexity, suggesting that economists should become a bit less certain in their policy conclusions. A broader ...
Throughout the history of economics, a variety of analytical tools have been borrowed from the so-called exact sciences. As Schoe?er (1955) puts it: "They have taken their mathematics and their ded- tive techniques from physics, their statistics from genetics and agr- omy, their systems of classi?cation from taxonomy and chemistry, their model-construction techniques from astronomy and mechanics, and their methods of analysis of the consequences of actions from en- neering". The possibility of similarities of structure in mathematical models of economic and physical systems has been an...
Throughout the history of economics, a variety of analytical tools have been borrowed from the so-called exact sciences. As Schoe?er (1955) puts it: "...
This book arises from a conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. It offers the first complete analysis of an agent-based macroeconomic model, from theoretical foundation to empirical testing.
This book arises from a conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. It offers the f...
The primary goal of the book is to present the ideas and research findings of active researchers such as physicists, economists, mathematicians and financial engineers working in the field of "Econophysics," who have undertaken the task of modeling and analyzing systemic risk, network dynamics and other topics.
Of primary interest in these studies is the aspect of systemic risk, which has long been identified as a potential scenario in which financial institutions trigger a dangerous contagion mechanism, spreading from the financial economy to the real economy.
This type of...
The primary goal of the book is to present the ideas and research findings of active researchers such as physicists, economists, mathematicians and...
This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of overcoming the SMD result by recurring to a fictitious RA leads to insurmountable methodological problems and lies at the root of DSGE models' failure to satisfactorily explain real world features, like exchange rate and banking crises, bubbles and herding in financial markets, swings in the sentiment of consumers and entrepreneurs, asymmetries and persistence in aggregate variables, and so on. At odds with this view, our critique rests on the...
This book arose from our conviction that the NNS-DSGE approach to the analysis of aggregate market outcomes is fundamentally flawed. The practice of o...
Experimental Econophysics describes the method of controlled human experiments, which is developed by physicists to study some problems in economics or finance, namely, stylized facts, fluctuation phenomena, herd behavior, contrarian behavior, hedge behavior, cooperation, business cycles, partial information, risk management, and stock prediction. Experimental econophysics together with empirical econophysics are two branches of the field of econophysics. The latter one has been extensively discussed in the existing books, while the former one has been seldom touched. In this...
Experimental Econophysics describes the method of controlled human experiments, which is developed by physicists to study some problems in e...
To do science is to find patterns, and scientists are always looking for p- terns that they can use to structure their thinking about the world around them. Patterns are found in data, which is why science is inevitably a qu- titative study. But there is a difficulty in finding stable patterns in the data since many patterns are temporary phenomena that have occurred r- domly, and highly sophisticated empirical methods are necessary to dist- guish stable patterns from temporary or random patterns. When a scientist thinks he has found a stable pattern, he will generally try to capture that...
To do science is to find patterns, and scientists are always looking for p- terns that they can use to structure their thinking about the world around...
In some ways, the e?ect of achieving understanding is to reverse completely our initial attitude of mind. For everyone starts (as we have said) by being perplexed by some fact or other: for instance... the fact that the diagonal of a square is incommensurable with the side. Anyone who has not yet seen why the side and the diagonal have no common unit regards this as quite extra- dinary. But one ends up in the opposite frame of mind... for nothing would so much ?abbergast a mathematician as if the diagonal and side of a square were to become commensurable . Aristotele] This is the ?rst volume...
In some ways, the e?ect of achieving understanding is to reverse completely our initial attitude of mind. For everyone starts (as we have said) by bei...
