Complexity Heterogeneity And The Methods Of Statistical Physics In Economics

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Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics

Author : Hideaki Aoyama
Publisher : Springer Nature
ISBN 13 : 9811548064
Total Pages : 322 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics by : Hideaki Aoyama

Download or read book Complexity, Heterogeneity, and the Methods of Statistical Physics in Economics written by Hideaki Aoyama and published by Springer Nature. This book was released on 2020-08-05 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book systematically provides a prospective integrated approach for complexity social science in its view of statistical physics and mathematics, with an impressive collection of the knowledge and expertise of leading researchers from all over the world. The book mainly covers both finitary methods of statistical equilibrium and data-driven analysis by econophysics. The late Professor Masanao Aoki of UCLA, who passed away at the end of July 2018, in his later years dedicated himself to the reconstruction of macroeconomics mainly in terms of statistical physics. Professor Aoki, who was already an IEEE fellow, was also named an Econometric Society Fellow in 1979. Until the early 1990s, however, his contributions were focused on the new developments of a novel algorithm for the time series model and their applications to economic data. Those contributions were undoubtedly equivalent to the Nobel Prize-winning work of Granger's "co-integration method". After the publications of his New Approaches to Macroeconomic Modeling and Modeling Aggregate Behavior and Fluctuations in Economics, both published by Cambridge University Press, in 1996 and 2002, respectively, his contributions rapidly became known and spread throughout the field. In short, these new works challenged econophysicists to develop evolutionary stochastic dynamics, multiple equilibria, and externalities as field effects and revolutionized the stochastic views of interacting agents. In particular, the publication of Reconstructing Macroeconomics, also by Cambridge University Press (2007), in cooperation with Hiroshi Yoshikawa, further sharpened the process of embodying “a perspective from statistical physics and combinatorial stochastic processes” in economic modeling. Interestingly, almost concurrently with Prof. Aoki’s newest development, similar approaches were appearing. Thus, those who were working in the same context around the world at that time came together, exchanging their results during the past decade. In memory of Prof. Aoki, this book has been planned by authors who followed him to present the most advanced outcomes of his heritage.

Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand

Author : Hiroshi Yoshikawa
Publisher : Springer Nature
ISBN 13 : 9811952647
Total Pages : 247 pages
Book Rating : 4.8/5 (119 download)

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Book Synopsis Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand by : Hiroshi Yoshikawa

Download or read book Reconstruction of Macroeconomics: Methods of Statistical Physics, and Keynes' Principle of Effective Demand written by Hiroshi Yoshikawa and published by Springer Nature. This book was released on 2022-10-29 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explains how standard micro-founded macroeconomics is misguided and proposes an alternative method based on statistical physics. The Great Recession following the bankruptcy of Lehman Brothers in September 2015 amply demonstrated that mainstream micro-founded macroeconomics was in trouble. The new approach advanced in this book reasonably explains important macro-problems such as employment, business cycles, growth, and inflation/deflation. The key concept is demand failures, which modern micro-founded macroeconomics has ignored. “It (Chapter 3) captures analytically a good part of the intuition that underlies the Keynesian economics of people like Tobin and me.” Robert Solow, Emeritus Institute Professor of Economics, Massachusetts Institute of Technology, Nobel Laureate in Economics, 1987 “Professor Hiroshi Yoshikawa provides a unique synthesis of statistical physics and macro-economic theory in order to confront the dismal failure in economics and in finance to understand how an economy or a financial market works, given the heterogeneous decision making of many different individual interacting actors. Economics has failed in this regard with the naive and often misleading concept of “representative agents.” The author presents many insights on the historical development, concepts, and errors made by the most illustrious economists in the past. This book should be essential readings for any economics students as well as academic researchers and policy makers, who should learn to bring back good-sense thinking in their impactful decisions.” Didier Sornette, Professor on the Chair of Entrepreneurial Risks at the Swiss Federal Institute of Technology Zurich (ETH Zurich)

Information Geometry

Author :
Publisher : Elsevier
ISBN 13 : 0323855687
Total Pages : 250 pages
Book Rating : 4.3/5 (238 download)

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Book Synopsis Information Geometry by :

Download or read book Information Geometry written by and published by Elsevier. This book was released on 2021-09-26 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The subject of information geometry blends several areas of statistics, computer science, physics, and mathematics. The subject evolved from the groundbreaking article published by legendary statistician C.R. Rao in 1945. His works led to the creation of Cramer-Rao bounds, Rao distance, and Rao-Blackawellization. Fisher-Rao metrics and Rao distances play a very important role in geodesics, econometric analysis to modern-day business analytics. The chapters of the book are written by experts in the field who have been promoting the field of information geometry and its applications. - Written by experts for users of information geometry - Basics to advanced readers are equally taken care - Origins and Clarity on Foundations

New Insights on Principal Component Analysis

Author : Fausto Pedro García Márquez
Publisher : BoD – Books on Demand
ISBN 13 : 0854662669
Total Pages : 176 pages
Book Rating : 4.8/5 (546 download)

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Book Synopsis New Insights on Principal Component Analysis by : Fausto Pedro García Márquez

Download or read book New Insights on Principal Component Analysis written by Fausto Pedro García Márquez and published by BoD – Books on Demand. This book was released on 2024-02-07 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book on Principal Component Analysis (PCA) extensively explores the core analyses and case studies within this field, incorporating the latest advancements. Each chapter delves into various disciplines like engineering, administration, economics, and technology, showcasing diverse applications and the utility of PCA. The book emphasizes the integration of PCA with other algorithms and methodologies, highlighting the enhancements achieved through combined approaches. Moreover, the book elucidates updated versions or iterations of PCA, detailing their descriptions and practical applications.

Big Data Analysis on Global Community Formation and Isolation

Author : Yuichi Ikeda
Publisher : Springer Nature
ISBN 13 : 9811549443
Total Pages : 509 pages
Book Rating : 4.8/5 (115 download)

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Book Synopsis Big Data Analysis on Global Community Formation and Isolation by : Yuichi Ikeda

Download or read book Big Data Analysis on Global Community Formation and Isolation written by Yuichi Ikeda and published by Springer Nature. This book was released on 2021-06-12 with total page 509 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, the authors analyze big data on global interdependence caused by the flows of commodities, money, and people, using a network science approach to obtain differing views of globalization and to clarify the facts on isolation of communities. Globalization reduces international economic inequality, i.e., it allows emerging countries to catch up while it increases relative poverty in some advanced countries. How should this trade-off between international and domestic inequalities be resolved? At the same time, the reduction of biocultural diversity caused by globalization needs to be avoided. What kind of change is required in local communities to conserve biocultural diversity? On the issue of commodity flow, research results of the supply-chain network, isolation in industry, and resource flows and stocks are presented in this book. For monetary flow, ownership networks, value-added networks, and profit shifting were studied; and regarding the flow of people, linkage of ethnic groups, immigrant assimilation, and refugees were examined. Based on the resulting view of globalization and isolation, the development of the isolation index using machine learning is discussed. Finally, recommendations for evidence-based policymaking in the United Nations are considered.

From Physics to Econophysics and Back: Methods and Insights

Author : Siew Ann Cheong
Publisher : Frontiers Media SA
ISBN 13 : 2889765199
Total Pages : 341 pages
Book Rating : 4.8/5 (897 download)

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Book Synopsis From Physics to Econophysics and Back: Methods and Insights by : Siew Ann Cheong

Download or read book From Physics to Econophysics and Back: Methods and Insights written by Siew Ann Cheong and published by Frontiers Media SA. This book was released on 2022-07-06 with total page 341 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macro-Econophysics

Author : Hideaki Aoyama
Publisher : Cambridge University Press
ISBN 13 : 1108225802
Total Pages : 438 pages
Book Rating : 4.1/5 (82 download)

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Book Synopsis Macro-Econophysics by : Hideaki Aoyama

Download or read book Macro-Econophysics written by Hideaki Aoyama and published by Cambridge University Press. This book was released on 2017-07-04 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: The concepts of statistical physics and big data play an important role in the evidence-based analysis and interpretation of macroeconomic principles. The techniques of complex networks, big data, and statistical physics are useful to understand theories of economic systems, and the authors have applied these to understand the intricacies of complex macroeconomic problems. Recent research work using tools and techniques of big data, statistical physics, complex networks, and statistical science is covered, and basic graph algorithms and statistical measures of complex networks are described. The application of big data and statistical physics tools to assess price dynamics, inflation, systemic risks, and productivity is discussed. Chapter-end summary and numerical problems are provided to reinforce understanding of concepts.

21st Century Economics: A Reference Handbook

Author : Rhona C. Free
Publisher : SAGE Publications
ISBN 13 : 145226631X
Total Pages : 1038 pages
Book Rating : 4.4/5 (522 download)

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Book Synopsis 21st Century Economics: A Reference Handbook by : Rhona C. Free

Download or read book 21st Century Economics: A Reference Handbook written by Rhona C. Free and published by SAGE Publications. This book was released on 2010-05-14 with total page 1038 pages. Available in PDF, EPUB and Kindle. Book excerpt: Interest in economics is at an all-time high. Among the challenges facing the nation is an economy with rapidly rising unemployment, failures of major businesses and industries, and continued dependence on oil with its wildly fluctuating price. Economists have dealt with such questions for generations, but they have taken on new meaning and significance. Tackling these questions and encompassing analysis of traditional economic theory and topics as well as those that economists have only more recently addressed, 21st Century Economics: A Reference Handbook is a must-have reference resource. Key Features Provides highly readable summaries of theory and models in key areas of micro and macroeconomics, helpful for students trying to get a "big picture" sense of the field Includes introductions to relevant theory as well as empirical evidence, useful for readers interested in learning about economic analysis of an issue as well for students embarking on research projects Features chapters focused on cutting-edge topics with appeal for economists seeking to learn about extensions of analysis into new areas as well as new approaches Presents models in graphical format and summarizes empirical evidence in ways that do not require much background in statistics or econometrics, so as to maximize accessibility to students

A Crude Look at the Whole

Author : John H. Miller
Publisher : Basic Books
ISBN 13 : 0465073867
Total Pages : 268 pages
Book Rating : 4.4/5 (65 download)

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Book Synopsis A Crude Look at the Whole by : John H. Miller

Download or read book A Crude Look at the Whole written by John H. Miller and published by Basic Books. This book was released on 2016-01-05 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: A top expert explains why a social and economic understanding of complex systems will help society to anticipate and confront our biggest challenges Imagine trying to understand a stained glass window by breaking it into pieces and examining it one shard at a time. While you could probably learn a lot about each piece, you would have no idea about what the entire picture looks like. This is reductionism -- the idea that to understand the world we only need to study its pieces -- and it is how most social scientists approach their work. In A Crude Look at the Whole, social scientist and economist John H. Miller shows why we need to start looking at whole pictures. For one thing, whether we are talking about stock markets, computer networks, or biological organisms, individual parts only make sense when we remember that they are part of larger wholes. And perhaps more importantly, those wholes can take on behaviors that are strikingly different from that of their pieces. Miller, a leading expert in the computational study of complex adaptive systems, reveals astounding global patterns linking the organization of otherwise radically different structures: It might seem crude, but a beehive's temperature control system can help predict market fluctuations and a mammal's heartbeat can help us understand the "heartbeat" of a city and adapt urban planning accordingly. From enduring racial segregation to sudden stock market disasters, once we start drawing links between complex systems, we can start solving what otherwise might be totally intractable problems. Thanks to this revolutionary perspective, we can finally transcend the limits of reductionism and discover crucial new ideas. Scientifically founded and beautifully written, A Crude Look at the Whole is a powerful exploration of the challenges that we face as a society. As it reveals, taking the crude look might be the only way to truly see.

Finitary Probabilistic Methods in Econophysics

Author : Ubaldo Garibaldi
Publisher : Cambridge University Press
ISBN 13 : 1139490672
Total Pages : 343 pages
Book Rating : 4.1/5 (394 download)

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Book Synopsis Finitary Probabilistic Methods in Econophysics by : Ubaldo Garibaldi

Download or read book Finitary Probabilistic Methods in Econophysics written by Ubaldo Garibaldi and published by Cambridge University Press. This book was released on 2010-08-19 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: Econophysics applies the methodology of physics to the study of economics. However, whilst physicists have good understanding of statistical physics, they may be unfamiliar with recent advances in statistical conjectures, including Bayesian and predictive methods. Equally, economists with knowledge of probabilities do not have a background in statistical physics and agent-based models. Proposing a unified view for a dynamic probabilistic approach, this book is useful for advanced undergraduate and graduate students as well as researchers in physics, economics and finance. The book takes a finitary approach to the subject, discussing the essentials of applied probability, and covering finite Markov chain theory and its applications to real systems. Each chapter ends with a summary, suggestions for further reading, and exercises with solutions at the end of the book.

Knowledge, Complexity and Innovation Systems

Author : Manfred M. Fischer
Publisher : Springer Science & Business Media
ISBN 13 : 366204546X
Total Pages : 482 pages
Book Rating : 4.6/5 (62 download)

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Book Synopsis Knowledge, Complexity and Innovation Systems by : Manfred M. Fischer

Download or read book Knowledge, Complexity and Innovation Systems written by Manfred M. Fischer and published by Springer Science & Business Media. This book was released on 2013-11-27 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years there has been growing scientific interest in the triangular relationship between knowledge. complexity and innovation systems. The concept of'innovation systems' carries the idea that innovations do not originate as isolated discrete phenomena, but are generated through the interaction of a number of actors or agents. This set of actors and interactions possess certain specific characteristics that tend to remain over time. Such characteristics are also shared by national, regional, sectoral and technological interaction systems. They can all be represented as sets of [institutional] actors and interactions, whose ultimate goal is the production and diffusion of knowledge. The major theoretical and policy problem posed by these systems is that knowledge is generated not only by individuals and organisations, but also by the often complex pattern of interaction between them. To understand how organisations create new products, new production techniques and new organisational forms is important. An even more fundamental need is to understand how organisations create new knowledge if this knowledge creation lies in the mobilisation and conversion of tacit knowledge. Although much has been written about the importance of knowledge in management, little attention has been paid to how knowledge is created and how the knowledge creation process is managed. The third component of the research triangle concerns complexity.

Complex Systems in Finance and Econometrics

Author : Robert A. Meyers
Publisher : Springer Science & Business Media
ISBN 13 : 1441977007
Total Pages : 919 pages
Book Rating : 4.4/5 (419 download)

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Book Synopsis Complex Systems in Finance and Econometrics by : Robert A. Meyers

Download or read book Complex Systems in Finance and Econometrics written by Robert A. Meyers and published by Springer Science & Business Media. This book was released on 2010-11-03 with total page 919 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance, Econometrics and System Dynamics presents an overview of the concepts and tools for analyzing complex systems in a wide range of fields. The text integrates complexity with deterministic equations and concepts from real world examples, and appeals to a broad audience.

Complex Network-Based Global Value Chain Accounting System

Author : Lizhi Xing
Publisher : Springer Nature
ISBN 13 : 9811692645
Total Pages : 358 pages
Book Rating : 4.8/5 (116 download)

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Book Synopsis Complex Network-Based Global Value Chain Accounting System by : Lizhi Xing

Download or read book Complex Network-Based Global Value Chain Accounting System written by Lizhi Xing and published by Springer Nature. This book was released on 2022-02-08 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims to theoretically and empirically enrich the GVC accounting framework with statistical physics and complex network theory from the perspective of econophysics, thus adding up to the existing theories. Besides, it also aims at capturing the essences of network models such as topological complexity, hierarchy, transmissibility, interaction, and causality and reflecting the objective interrelations among economies or between economies and economic systems on the GVC, so as to reveal the inherent evolution of the cross-regional and even global economic systems.

Evolution and Economic Complexity

Author : J. Stanley Metcalfe
Publisher : Edward Elgar Publishing
ISBN 13 : 184542350X
Total Pages : 248 pages
Book Rating : 4.8/5 (454 download)

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Book Synopsis Evolution and Economic Complexity by : J. Stanley Metcalfe

Download or read book Evolution and Economic Complexity written by J. Stanley Metcalfe and published by Edward Elgar Publishing. This book was released on 2007-01-01 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a useful introduction to evolutionary economics. Adam Gifford, Journal of Bioeconomics With this important collection of fine new papers, Foster and Metcalfe have brought together another volume that will make an impact on the newly unfolding science-of-complexity approach to economics. Ranging from the theoretical foundations to modeling tools and concrete empirical applications, the contributions cover all relevant areas. The reader is being offered exciting new views on variety generating and selecting mechanisms in the economy and their role for technological and commercial change. Ulrich Witt, Max Planck Institute, Jena, Germany Dedicated to the goal of furthering evolutionary economic analysis, this book provides a coherent scientific approach to deal with the real world of continual change in the economic system. Expansive in its scope, this book ranges from abstract discussions of ontology, analysis and theory to more practical discussions on how we can operationalize notions such as capabilities from what we understand as knowledge . Simulation techniques and empirical case studies are also used. Sharpening the focus of the relationship between economic evolution and economic complexity, the book will be of great interest to academics, students and researchers of evolutionary economics.

Advances in Condensed Matter and Statistical Physics

Author : Elka Korutcheva
Publisher : Nova Publishers
ISBN 13 : 9781590338995
Total Pages : 394 pages
Book Rating : 4.3/5 (389 download)

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Book Synopsis Advances in Condensed Matter and Statistical Physics by : Elka Korutcheva

Download or read book Advances in Condensed Matter and Statistical Physics written by Elka Korutcheva and published by Nova Publishers. This book was released on 2004 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects recent results in systems whose evolutions are dominated by fluctuations, driven systems in which the way to dissipate driving forces is relevant, and systems in which disorder induces highly non-trivial dynamics leading naturally to questions of computational complexity. Topics of the 14 papers include multiplicative noise in non-equilibrium phase transitions, the stochastic population dynamics of spiking neurons, anomalous velocity distributions in elastic Maxwell gases, universality issues in surface kinetic roughening of thin solid films, and multi-state neural networks based upon spin glasses. Some of the chapters have appeared in the arXiv.org database. No information is given about the authors. Annotation : 2004 Book News, Inc., Portland, OR (booknews.com).

The Atlas of Economic Complexity

Author : Ricardo Hausmann
Publisher : MIT Press
ISBN 13 : 0262317737
Total Pages : 369 pages
Book Rating : 4.2/5 (623 download)

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Book Synopsis The Atlas of Economic Complexity by : Ricardo Hausmann

Download or read book The Atlas of Economic Complexity written by Ricardo Hausmann and published by MIT Press. This book was released on 2014-01-17 with total page 369 pages. Available in PDF, EPUB and Kindle. Book excerpt: Maps capture data expressing the economic complexity of countries from Albania to Zimbabwe, offering current economic measures and as well as a guide to achieving prosperity Why do some countries grow and others do not? The authors of The Atlas of Economic Complexity offer readers an explanation based on "Economic Complexity," a measure of a society's productive knowledge. Prosperous societies are those that have the knowledge to make a larger variety of more complex products. The Atlas of Economic Complexity attempts to measure the amount of productive knowledge countries hold and how they can move to accumulate more of it by making more complex products. Through the graphical representation of the "Product Space," the authors are able to identify each country's "adjacent possible," or potential new products, making it easier to find paths to economic diversification and growth. In addition, they argue that a country's economic complexity and its position in the product space are better predictors of economic growth than many other well-known development indicators, including measures of competitiveness, governance, finance, and schooling. Using innovative visualizations, the book locates each country in the product space, provides complexity and growth potential rankings for 128 countries, and offers individual country pages with detailed information about a country's current capabilities and its diversification options. The maps and visualizations included in the Atlas can be used to find more viable paths to greater productive knowledge and prosperity.

The Mathematical Theory of Minority Games

Author : Anthony C. C. Coolen
Publisher : Oxford University Press on Demand
ISBN 13 : 9780198520801
Total Pages : 324 pages
Book Rating : 4.5/5 (28 download)

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Book Synopsis The Mathematical Theory of Minority Games by : Anthony C. C. Coolen

Download or read book The Mathematical Theory of Minority Games written by Anthony C. C. Coolen and published by Oxford University Press on Demand. This book was released on 2005-01 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Minority games are simple mathematical models initially designed to understand the co-operative phenomena observed in markets. Their core ingredients are large numbers of interacting decision-making agents, each aiming for personal gain in an artificial 'market' by trying to anticipate (on the basis of incomplete information, and with an element of irrationality) the actions of others. Gain is made by those who subsequently find themselves in the minority group, e.g. those who end up buying when most wish to sell or vice versa. Aimed at researchers and students in physics, mathematics and economics, as well as financial practitioners, this text describes the mathematical theory of Minority Games from a statistical mechanics viewpoint. It provides a detailed and explicit introduction to the advanced mathematical analysis of these models, describes the potential and restrictions of physical methods in solving agent based market models, and outlines how different mathematical approaches are related.