Statistical physics concepts such as stochastic dynamics, short-
and long-range correlations, self-similarity and scaling, permit an
understanding of the global behavior of economic systems without
first having to work out a detailed microscopic description of the
system. This pioneering text explores the use of these concepts in
the description of financial systems, the dynamic new specialty of
econophysics. The authors illustrate the scaling concepts used in
probability theory, critical phenomena, and fully-developed
turbulent fluids and apply them to financial time series. They also
present a new stochastic model that displays several of the
statistical properties observed in empirical data. Physicists will
find the application of statistical physics concepts to economic
systems fascinating. Economists and other financial professionals
will benefit from the book's empirical analysis methods and
well-formulated theoretical tools that will allow them to describe
systems composed of a huge number of interacting subsystems.
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