Econophysics and sociophysics: Their milestones &amp; challenges

Kutner, Ryszard; Ausloos, Marcel; Grech, Dariusz; Matteo, Tiziana Di; Schınckus, Chrıstophe; Stanley, H. Eugene

doi:10.1016/j.physa.2018.10.019

Cited by 118 publications

(73 citation statements)

References 160 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…By understanding how their models are currently used for setting new challenges and improving Physics, financial economists will understand how their theoretical knowledge could provide new perspectives and new horizons for them. It also contributes to shed some light on the current challenges and future developments of Econophysics like those pointed out in Kutner et al (2019) or Jovanovic and Schinckus (2017).…”

Section: Resultsmentioning

confidence: 93%

When financial economics influences physics: The role of Econophysics

Jovanovic

Mantegna

Schınckus

2019

International Review of Financial Analysis

Self Cite

View full text Add to dashboard Cite

This paper aims at analyzing the unexpected influence of Financial economics on Physics. The rise of Econophysics, a fundamentally new approach in finance, suggests that the influence between the two disciplines becomes less unilateral than in the past. Methodological debates emerging in Econophysics led physicists to acknowledge that dealing with financial complex systems contributed to a wider modelling of their field. The approach of econophysicists suggests that physicists might try to conceptualize physical phenomena by integrating elements they faced with in Financial economics, and more generally in Economics. Surprisingly, many of econophysicists' argumentations have some methodological similarities with practices used in Financial economics. This paper analyzes the influence of Financial economics on Physics by discussing three examples: (i) out of equilibrium processes, (ii) signal detection and information filtering, and (iii) the role of information in complex systems. It investigates and illustrates what are the methodological changes generated by Econophysics that explain this new influence of finance on Physics. This paper sheds new light on the way finance and economics can improve physics modelling. With this purpose, this article is going one step further in the dialogue between econophysics and economics. Indeed, by investigating the reciprocal influence between the two fields, this methodological paper identifies some areas for a better cross-fertilisation between the fields.

show abstract

Section: Resultsmentioning

confidence: 93%

When financial economics influences physics: The role of Econophysics

Jovanovic

Mantegna

Schınckus

2019

International Review of Financial Analysis

Self Cite

View full text Add to dashboard Cite

show abstract

“…Predictions of the two methods are mutually consistent, e.g. [35]: the smaller the FPT the faster (and larger) the increase of the related standard deviation.…”

Section: Introductionmentioning

confidence: 78%

“…Escape from a metastable state (from a potential well) can be described in the mutually nonequivalent ways via estimations of the escape rate [14,32] (and the references therein) on the one hand, and the first passage time [29] (and the references therein), on the other. Physically, the first method considers possible returns of the Brownian particle into the well [14] that includes the semiclassical treatment by using the Wigner function master equation [15][16][17][18], while the first passage time regards when the variable of interest attains for the first time a threshold value without return to the well [24][25][26][27][28][29][30][32][33][34][35][36].…”

Section: Introductionmentioning

confidence: 99%

Dynamical stability of the weakly nonharmonic propeller-shaped planar Brownian rotator

2020

View full text Add to dashboard Cite

Dynamical stability is a prerequisite for control and functioning of desired nano-machines. We utilize the Caldeira-Leggett master equation to investigate dynamical stability of molecular cogwheels modeled as a rigid, propeller-shaped planar rotator. In order to match certain expected realistic physical situations, we consider a weakly nonharmonic external potential for the rotator.Two methods for investigating stability are used. First, we employ a quantum-mechanical counterpart of the so-called "first passage time" method. Second, we investigate time dependence of the standard deviation of the rotator for both the angle and angular momentum quantum observables.A perturbation-like procedure is introduced and implemented in order to provide the closed set of differential equations for the moments. Extensive analysis is performed for different combinations of the values of system parameters. The two methods are, in a sense, mutually complementary.Appropriate for the short time behavior, the first passage time exhibits a numerically-relevant dependence only on the damping factor as well as on the rotator size. On the other hand, the standard deviations for both the angle and angular momentum observables exhibit strong dependence on the parameter values for both short and long time intervals. Contrary to our expectations, the time decrease of the standard deviations is found for certain parameter regimes. In addition, for certain parameter regimes nonmonotonic dependence on the rotator size is observed for the standard deviations and for the damping of the oscillation amplitude. Hence non-fulfillment of the classical expectation that the size of the rotator can be reduced to the inertia of the rotator. In effect, the task of designing the desired protocols for the proper control of the molecular rotations becomes an optimization problem that

show abstract

“…us, the dynamics of Twitter microposts, in which 1/f noise is observed, cannot be decomposed into separate components. Twitter, operating in a self-organized state, generates oscillations of microposts with PSD of the form (2). e third universal feature of complexity associated with power laws 1and 2is the existence of the long memory in the time series of microposts.…”

Section: Spectrum Of Self-organized Criticality Exponentsmentioning

confidence: 99%

“…e development of quantitative models in sociology, political science, theory of transport ows, and other areas of society investigations is gradually moving relevant tasks from the humanities and engineering sciences to interdisciplinary applications of mathematics and physics. In the literature of recent years, the term sociophysics [1,2] is assigned to all such areas. e main task of this new eld of natural science is to search for objectively measurable and formalizable patterns that determine various social processes.…”

Section: Introductionmentioning

confidence: 99%

Self‐Organized Criticality on Twitter: Phenomenological Theory and Empirical Investigation Based on Data Analysis Results

Dmitriev

Balybin

2019

Complexity

View full text Add to dashboard Cite

Recently, there has been an increasing number of empirical evidence supporting the hypothesis that spread of avalanches of microposts on social networks, such as Twitter, is associated with some sociopolitical events. Typical examples of such events are political elections and protest movements. Inspired by this phenomenon, we built a phenomenological model that describes Twitter’s self-organization in a critical state. An external manifestation of this condition is the spread of avalanches of microposts on the network. The model is based on a fractional three-parameter self-organization scheme with stochastic sources. It is shown that the adiabatic mode of self-organization in a critical state is determined by the intensive coordinated action of a relatively small number of network users. To identify the critical states of the network and to verify the model, we have proposed a spectrum of three scaling indicators of the observed time series of microposts.

show abstract

Econophysics and sociophysics: Their milestones & challenges

Cited by 118 publications

References 160 publications

When financial economics influences physics: The role of Econophysics

When financial economics influences physics: The role of Econophysics

Dynamical stability of the weakly nonharmonic propeller-shaped planar Brownian rotator

Self‐Organized Criticality on Twitter: Phenomenological Theory and Empirical Investigation Based on Data Analysis Results

Contact Info

Product

Resources

About