Econophysics and Sociophysics: Recent Progress and Future Directions

✍ Scribed by Frédéric Abergel, Hideaki Aoyama, Bikas K. Chakrabarti, Anirban Chakraborti, Nivedita Deo, Dhruv Raina, Irena Vodenska (eds.)

• Publisher: Springer International Publishing
• Year: 2017
• Tongue: English
• Leaves: 254
• Series: New Economic Windows
• Edition: 1
• Category: Library

✦ Synopsis

This book presents the proceedings from ECONOPHYS-2015, an international workshop held in New Delhi, India, on the interrelated fields of “econophysics” and “sociophysics”, which have emerged from the application of statistical physics to economics and sociology. Leading researchers from varied communities, including economists, sociologists, financial analysts, mathematicians, physicists, statisticians, and others, report on their recent work, discuss topical issues, and review the relevant contemporary literature.

A society can be described as a group of people who inhabit the same geographical or social territory and are mutually involved through their shared participation in different aspects of life. It is possible to observe and characterize average behaviors of members of a society, an example being voting behavior. Moreover, the dynamic nature of interaction within any economic sector comprising numerous cooperatively interacting agents has many features in common with the interacting systems of statistical physics. It is on these bases that interest has grown in the application within sociology and economics of the tools of statistical mechanics. This book will be of value for all with an interest in this flourishing field.

✦ Table of Contents

Front Matter....Pages i-viii
Front Matter....Pages 1-1
Why Have Asset Price Properties Changed so Little in 200 Years....Pages 3-17
Option Pricing and Hedging with Liquidity Costs and Market Impact....Pages 19-40
Dynamic Portfolio Credit Risk and Large Deviations....Pages 41-58
Extreme Eigenvector Analysis of Global Financial Correlation Matrices....Pages 59-69
Network Theory in Macroeconomics and Finance....Pages 71-83
Power Law Distributions for Share Price and Financial Indicators: Analysis at the Regional Level....Pages 85-101
Record Statistics of Equities and Market Indices....Pages 103-112
Information Asymmetry and the Performance of Agents Competing for Limited Resources....Pages 113-123
Kolkata Restaurant Problem: Some Further Research Directions....Pages 125-130
Reaction-Diffusion Equations with Applications to Economic Systems....Pages 131-144
Front Matter....Pages 145-145
Kinetic Exchange Models as D Dimensional Systems: A Comparison of Different Approaches....Pages 147-158
The Microscopic Origin of the Pareto Law and Other Power-Law Distributions....Pages 159-176
The Many-Agent Limit of the Extreme Introvert-Extrovert Model....Pages 177-185
Social Physics: Understanding Human Sociality in Communication Networks....Pages 187-200
Methods for Reconstructing Interbank Networks from Limited Information: A Comparison....Pages 201-215
Topology of the International Trade Network: Disentangling Size, Asymmetry and Volatility....Pages 217-226
Patterns of Linguistic Diffusion in Space and Time: The Case of Mazatec....Pages 227-251
Front Matter....Pages 253-253
Epilogue....Pages 255-256

✦ Subjects

Data-driven Science, Modeling and Theory Building;Statistics for Engineering, Physics, Computer Science, Chemistry and Earth Sciences;Applications of Graph Theory and Complex Networks