Books > Business & Economics > Economics > Econometrics
|
Buy Now
Econophysics and Physical Economics (Hardcover)
Loot Price: R2,627
Discovery Miles 26 270
|
|
Econophysics and Physical Economics (Hardcover)
Expected to ship within 12 - 17 working days
|
Donate to Against Period Poverty
Total price: R2,647
Discovery Miles: 26 470
|
An understanding of the behaviour of financial assets and the
evolution of economies has never been as important as today. This
book looks at these complex systems from the perspective of the
physicist. So called 'econophysics' and its application to finance
has made great strides in recent years. Less emphasis has been
placed on the broader subject of macroeconomics and many economics
students are still taught traditional neo-classical economics. The
reader is given a general primer in statistical physics,
probability theory, and use of correlation functions. Much of the
mathematics that is developed is frequently no longer included in
undergraduate physics courses. The statistical physics of Boltzmann
and Gibbs is one of the oldest disciplines within physics and it
can be argued that it was first applied to ensembles of molecules
as opposed to being applied to social agents only by way of
historical accident. The authors argue by analogy that the theory
can be applied directly to economic systems comprising assemblies
of interacting agents. The necessary tools and mathematics are
developed in a clear and concise manner. The body of work, now
termed econophysics, is then developed. The authors show where
traditional methods break down and show how the probability
distributions and correlation functions can be properly understood
using high frequency data. Recent work by the physics community on
risk and market crashes are discussed together with new work on
betting markets as well as studies of speculative peaks that occur
in housing markets. The second half of the book continues the
empirical approach showing how by analogy with thermodynamics, a
self-consistent attack can be made on macroeconomics. This leads
naturally to economic production functions being equated to entropy
functions - a new concept for economists. Issues relating to
non-equilibrium naturally arise during the development and
application of this approach to economics. These are discussed in
the context of superstatistics and adiabatic processes. As a result
it does seem ultimately possible to reconcile the approach with
non-equilibrium systems, and the ideas are applied to study income
and wealth distributions, which with their power law distribution
functions have puzzled many researchers ever since Pareto
discovered them over 100 years ago. This book takes a pedagogical
approach to these topics and is aimed at final year undergraduate
and beginning gradaute or post-graduate students in physics,
economics, and business. However, the experienced researcher and
quant should also find much of interest.
General
Is the information for this product incomplete, wrong or inappropriate?
Let us know about it.
Does this product have an incorrect or missing image?
Send us a new image.
Is this product missing categories?
Add more categories.
Review This Product
No reviews yet - be the first to create one!
|
|
Email address subscribed successfully.
A activation email has been sent to you.
Please click the link in that email to activate your subscription.