Towards a transdisciplinary econophysics

Schınckus, Chrıstophe; Jovanovic, Franck

doi:10.1080/1350178x.2013.801561

Cited by 24 publications

(9 citation statements)

References 81 publications

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“…Since econophysics has been dealing with financial markets from the moment of its emergence, it has also been involved with the most critical issues in economics [68][69][70]. Financial markets rule all other markets, exerting a global effect on them.…”

Section: Resultsmentioning

confidence: 99%

Econophysics as a New School of Economic Thought: Twenty Years of Research

Jakimowicz

2016

Acta Phys. Pol. A

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In 2015, the science known as econophysics, which has been developing very quickly in latest years, celebrated its 20th anniversary. Perhaps a 20-year period is too short to evaluate the importance and achievements of econophysics, but the broad scope of research and significance of certain results encouraged me to undertake such an attempt. If societies appreciate efforts by econophysicists, perhaps we will be able to avoid next economic crises and related losses. Econophysics is a transdisciplinary science based on the observation that physical objects and economic objects can share a common theory. Since logical homologies are its foundation, it is an example of the well-known isomorphism principle formulated by Ludwig von Bertalanffy. The emergence of interdisciplinary fields of knowledge is consistent with the paradigm of general systems theory. The development of a given field of knowledge is most often measured by its ability to formulate new knowledge about reality. Progress in research can be spoken of both when the application of traditional methods leads to the discovery of new facts and when new scientific laws are discovered using new methods. Econophysics is an attempt to develop economics through the transfer of research methods and techniques from physics to economics. We are therefore dealing here with a second possibility. The methods of physics most often applied in economics include the theory of stochastic processes, cellular automata and nonlinear dynamics. This study presents the most important existing achievements of econophysics and the attempts to reconcile them with traditional economic knowledge. The accomplishment of a paradigmatic correspondence between econophysics and economics, both in the local and in the global sense, is a prerequisite for using the achievements of the former in economic policy.

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Section: Resultsmentioning

confidence: 99%

Econophysics as a New School of Economic Thought: Twenty Years of Research

Jakimowicz

2016

Acta Phys. Pol. A

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“…The application of the theories of physics in economics or business is rapidly evolving and proves efficient in many complex market scenario (Jovanovic and Schinckus, 2016;McCauley, 2004;Schinckus and Jovanovic, 2013;Zapart, 2015). The new shipbuilding market is a complex dynamics where shipbuilding order is gravitated by the force between two critical masses: the "existing shipping market prospect" and ship's age-adjusted "future shipping market prospect" (Stopford, 2009;Bruce and Garrard, 1999;UNCTAD, 2018a, Steidl et al, 2018.…”

Section: Econophysics Methodologymentioning

confidence: 99%

“…However, there are successful instances of applying econophysics approach in fields that include business volatility and stock markets, economic value and growth, economic and financial time series, behavioural finance, corporation financial stability, distribution and interactions of economic entities, market structure and financial risks (Chen and Li, 2012;Chakraborti et al, 2011;Huang, 2015;Guedes et al, 2019;Schinckus and Jovanovic, 2013;Zapart, 2015;McCauley, 2004;Meng et al, 2016;Rickles, 2007;Zhong et al, 2019). Mainly the concepts of physics such as Bernoulli's equation, Newton's law of gravitation, Brownian motion, Schrodinger equation, Bose-Einstein distribution, Gaussian function, Fourier transformation, and Heisenberg's uncertainty principle have been adopted to naturalise the econophysics models (Donmez and Sen, 2018;Meng et al, 2016;Zhang and Huang, 2010;Cotfas, 2013;Pedram, 2012;Mantegna, 2016;Kusmartsev, 2011;Agustini et al, 2018;Hsu, 2010;Wang and Pei, 2015).…”

Section: Introductionmentioning

confidence: 99%

An econophysics approach to forecast bulk shipbuilding orderbook: an application of Newton’s law of gravitation

Sakalayen

Duru

Hirata

2020

MABR

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Purpose Bulk shipping mostly facilitates the smooth flow of raw materials around the globe. Regardless, forecasting a bulk shipbuilding orderbook is a seldom researched domain in the academic arena. This study aims to pioneer an econophysics approach coupled with an autoregressive data analysis technique for bulk shipbuilding order forecasting. Design/methodology/approach By offering an innovative forecasting method, this study provides a comprehensive but straightforward econophysics approach to forecast new shipbuilding order of bulk carrier. The model has been evaluated through autoregressive integrated moving average analysis, and the outcome indicates a relatively stable good fit. Findings The outcomes of the econophysics model indicate a relatively stable good fit. Although relevant maritime data and its quality need to be improved, the flexibility in refining the predictive variables ensure the robustness of this econophysics-based forecasting model. Originality/value By offering an innovative forecasting method, this study provides a comprehensive but straightforward econophysics approach to forecast new shipbuilding order of bulk carrier. The research result helps shipping investors make decision in a capital-intensive and uncertainty-prone environment.

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“…Moreover, the framework proposed by econophysicists is conceptually in line with the classical notion of reduction used in economics (and in physics [8]) and the idea of a derivable emergence is compatible with the liberal and individualist view of systems enhanced by economists since the large numbers of interactions between actors are assumed to result from "free will" (this link between probabilistic nature of the laws of the statistical (and quantum) mechanical and free will has been summarized by Bouchaud and Cont [9] In conclusion, I agree with Buchanan when he wrote that econophysics did not degenerate into irrelevance and I would go beyond by arguing that the econophysical turn contributes to the "scientific revolution" demanded by some authors [10,11] in which they invite economists to integrate conceptual tools coming from statistical physics in their agent-based modeling. This commentary is an enabler for an increasing collaboration between economics and econophysics which, though coming from two different scientific cultures, have more in common than one could expect [12].…”

Section: /Nphys2648mentioning

confidence: 98%