更改

'''Econophysics''' is a [[Heterodox economics|heterodox]] interdisciplinary research field, applying theories and methods originally developed by [[Physics|physicists]] in order to solve problems in [[economics]], usually those including uncertainty or [[stochastic process]]es and [[Chaos theory|nonlinear dynamics]]. Some of its application to the study of financial markets has also been termed [[statistical finance]] referring to its roots in [[statistical physics]]. Econophysics is closely related to [[social physics]].

'''Econophysics''' is a [[Heterodox economics|heterodox]] interdisciplinary research field, applying theories and methods originally developed by [[Physics|physicists]] in order to solve problems in [[economics]], usually those including uncertainty or [[stochastic process]]es and [[Chaos theory|nonlinear dynamics]]. Some of its application to the study of financial markets has also been termed [[statistical finance]] referring to its roots in [[statistical physics]]. Econophysics is closely related to [[social physics]].

Econophysics is a heterodox interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Some of its application to the study of financial markets has also been termed statistical finance referring to its roots in statistical physics. Econophysics is closely related to social physics.

Econophysics is a heterodox interdisciplinary research field, applying theories and methods originally developed by physicists in order to solve problems in economics, usually those including uncertainty or stochastic processes and nonlinear dynamics. Some of its application to the study of financial markets has also been termed statistical finance referring to its roots in statistical physics. Econophysics is closely related to social physics.

Physicists' interest in the [[social sciences]] is not new; [[Daniel Bernoulli]], as an example, was the originator of [[utility]]-based preferences. One of the founders of [[neoclassical economic theory]], former Yale University Professor of Economics [[Irving Fisher]], was originally trained under the renowned Yale [[physicist]], [[Josiah Willard Gibbs]].<ref>[http://www.yaleeconomicreview.com/issues/2006_spring/financephysical.html Yale Economic Review, Retrieved October-25-09] {{webarchive|url=https://web.archive.org/web/20080508025252/http://www.yaleeconomicreview.com/issues/2006_spring/financephysical.html |date=2008-05-08 }}</ref> Likewise, [[Jan Tinbergen]], who won the first [[Nobel Memorial Prize in Economic Sciences]] in 1969 for having developed and applied dynamic models for the analysis of economic processes, studied physics with [[Paul Ehrenfest]] at [[Leiden University]]. In particular, Tinbergen developed the [[Gravity model of trade|gravity model of international trade]] that has become the workhorse of international economics.

Physicists' interest in the [[social sciences]] is not new; [[Daniel Bernoulli]], as an example, was the originator of [[utility]]-based preferences. One of the founders of [[neoclassical economic theory]], former Yale University Professor of Economics [[Irving Fisher]], was originally trained under the renowned Yale [[physicist]], [[Josiah Willard Gibbs]].<ref>[http://www.yaleeconomicreview.com/issues/2006_spring/financephysical.html Yale Economic Review, Retrieved October-25-09] {{webarchive|url=https://web.archive.org/web/20080508025252/http://www.yaleeconomicreview.com/issues/2006_spring/financephysical.html |date=2008-05-08 }}</ref> Likewise, [[Jan Tinbergen]], who won the first [[Nobel Memorial Prize in Economic Sciences]] in 1969 for having developed and applied dynamic models for the analysis of economic processes, studied physics with [[Paul Ehrenfest]] at [[Leiden University]]. In particular, Tinbergen developed the [[Gravity model of trade|gravity model of international trade]] that has become the workhorse of international economics.

Physicists' interest in the social sciences is not new; Daniel Bernoulli, as an example, was the originator of utility-based preferences. One of the founders of neoclassical economic theory, former Yale University Professor of Economics Irving Fisher, was originally trained under the renowned Yale physicist, Josiah Willard Gibbs.

Physicists' interest in the social sciences is not new; Daniel Bernoulli, as an example, was the originator of utility-based preferences. One of the founders of neoclassical economic theory, former Yale University Professor of Economics Irving Fisher, was originally trained under the renowned Yale physicist, Josiah Willard Gibbs. Likewise, Jan Tinbergen, who won the first Nobel Memorial Prize in Economic Sciences in 1969 for having developed and applied dynamic models for the analysis of economic processes, studied physics with Paul Ehrenfest at Leiden University. In particular, Tinbergen developed the gravity model of international trade that has become the workhorse of international economics.

物理学家对社会科学的兴趣并不是什么新鲜事; 例如，丹尼尔·伯努利就是基于效用的偏好的鼻祖。新古典主义经济理论的创始人之一，前耶鲁大学经济学教授 Irving Fisher，最初受训于著名的耶鲁大学物理学家约西亚·威拉德·吉布斯。

物理学家对社会科学的兴趣并不是什么新鲜事; 例如，丹尼尔·伯努利就是基于效用的偏好的鼻祖。新古典主义经济理论的创始人之一，前耶鲁大学经济学教授 Irving Fisher，最初受训于著名的耶鲁大学物理学家约西亚·威拉德·吉布斯。同样，Jan Tinbergen，因为开发和应用了经济过程分析的动态模型而获得了1969年的第一个诺贝尔经济学奖，在莱顿大学和 Paul Ehrenfest 一起学习了物理学。特别是，廷伯根发展了国际贸易的引力模型，这个模型已经成为国际经济学的主力。

Econophysics was started in the mid-1990s by several physicists working in the subfield of [[statistical mechanics]].  Unsatisfied with the traditional explanations and approaches of economists – which usually prioritized simplified approaches for the sake of soluble theoretical models over agreement with empirical data – they applied tools and methods from physics, first to try to match financial data sets, and then to explain more general economic phenomena.

Econophysics was started in the mid-1990s by several physicists working in the subfield of [[statistical mechanics]].  Unsatisfied with the traditional explanations and approaches of economists – which usually prioritized simplified approaches for the sake of soluble theoretical models over agreement with empirical data – they applied tools and methods from physics, first to try to match financial data sets, and then to explain more general economic phenomena.

One driving force behind econophysics arising at this time was the sudden availability of large amounts of financial data, starting in the 1980s.  It became apparent that traditional methods of analysis were insufficient – standard economic methods dealt with homogeneous agents and equilibrium, while many of the more interesting phenomena in financial markets fundamentally depended on [[Heterogeneous agents#Social and human science|heterogeneous agents]] and far-from-equilibrium situations.

One driving force behind econophysics arising at this time was the sudden availability of large amounts of financial data, starting in the 1980s.  It became apparent that traditional methods of analysis were insufficient – standard economic methods dealt with homogeneous agents and equilibrium, while many of the more interesting phenomena in financial markets fundamentally depended on [[Heterogeneous agents#Social and human science|heterogeneous agents]] and far-from-equilibrium situations.

Papers on econophysics have been published primarily in journals devoted to physics and statistical mechanics, rather than in leading economics journals. Some Mainstream economists have generally been unimpressed by this work.&nbsp; It appears that it also plays a role that near a change of the tendency (e.g. from falling to rising prices) there are typical "panic reactions" of the selling or buying agents with algebraically increasing bargain rapidities and volumes.&nbsp; The "fat tails" are also observed in commodity markets.

One driving force behind econophysics arising at this time was the sudden availability of large amounts of financial data, starting in the 1980s. It became apparent that traditional methods of analysis were insufficient – standard economic methods dealt with homogeneous agents and equilibrium, while many of the more interesting phenomena in financial markets fundamentally depended on heterogeneous agents and far-from-equilibrium situations.

The term "econophysics" was coined by [[H. Eugene Stanley]], to describe the large number of papers written by physicists in the problems of (stock and other) markets, in a conference on statistical physics in [[Kolkata]] (erstwhile [[Calcutta]])  in 1995 and first appeared in its proceedings publication in [[Physica A]] 1996.<ref>[http://www.saha.ac.in/cmp/camcs/Stanley-interview.pdf  Interview of H. E. Stanley on Econophysics (Published in "IIM Kozhikode Society & Management Review", Sage publication (USA), Vol. 2 Issue 2 (July), pp. 73-78 (2013))]</ref><ref>[https://arxiv.org/abs/1308.2191 Econophysics Research in India in the last two Decades (1993-2013) (Published in "IIM Kozhikode Society & Management Review", Sage publication (USA), Vol. 2 Issue 2 (July), pp. 135-146 (2013))]</ref> The inaugural meeting on econophysics was organised in 1998 in Budapest by [[János Kertész]] and [[Imre Kondor]]. The first book on econophysics was by R. N. Mantegna & H. E. Stanley in  2000.<ref>"An Introduction to Econophysics", Cambridge University Press, Cambridge (2000)</ref>

The term "econophysics" was coined by [[H. Eugene Stanley]], to describe the large number of papers written by physicists in the problems of (stock and other) markets, in a conference on statistical physics in [[Kolkata]] (erstwhile [[Calcutta]])  in 1995 and first appeared in its proceedings publication in [[Physica A]] 1996.<ref>[http://www.saha.ac.in/cmp/camcs/Stanley-interview.pdf  Interview of H. E. Stanley on Econophysics (Published in "IIM Kozhikode Society & Management Review", Sage publication (USA), Vol. 2 Issue 2 (July), pp. 73-78 (2013))]</ref><ref>[https://arxiv.org/abs/1308.2191 Econophysics Research in India in the last two Decades (1993-2013) (Published in "IIM Kozhikode Society & Management Review", Sage publication (USA), Vol. 2 Issue 2 (July), pp. 135-146 (2013))]</ref> The inaugural meeting on econophysics was organised in 1998 in Budapest by [[János Kertész]] and [[Imre Kondor]]. The first book on econophysics was by R. N. Mantegna & H. E. Stanley in  2000.<ref>"An Introduction to Econophysics", Cambridge University Press, Cambridge (2000)</ref>

As in quantum field theory the "fat tails" can be obtained by complicated "nonperturbative" methods, mainly by numerical ones, since they contain the deviations from the usual Gaussian approximations, e.g. the Black–Scholes theory.  Fat tails can, however, also be due to other phenomena, such as a random number of terms in the central-limit theorem, or any number of other, non-econophysics models. Due to the difficulty in testing such models, they have received less attention in traditional economic analysis.

The term "econophysics" was coined by H. Eugene Stanley, to describe the large number of papers written by physicists in the problems of (stock and other) markets, in a conference on statistical physics in Kolkata (erstwhile Calcutta)  in 1995 and first appeared in its proceedings publication in Physica A 1996. The inaugural meeting on econophysics was organised in 1998 in Budapest by János Kertész and Imre Kondor. The first book on econophysics was by R. N. Mantegna & H. E. Stanley in 2000.

The almost regular meeting series on the topic include: ECONOPHYS-KOLKATA (held in Kolkata & Delhi),<ref>"Econophysics of Wealth Distributions", Eds. A. Chatterjee et al., New Economic Windows, Springer, Milan (2005), & the subsequent eight Proc. Volumes published in  2006, 2007, 2010, 2011, 2013, 2014, 2015 & 2019 in the New Economic Windows series of Springer</ref> Econophysics Colloquium, ESHIA/ WEHIA.

The almost regular meeting series on the topic include: ECONOPHYS-KOLKATA (held in Kolkata & Delhi),<ref>"Econophysics of Wealth Distributions", Eds. A. Chatterjee et al., New Economic Windows, Springer, Milan (2005), & the subsequent eight Proc. Volumes published in  2006, 2007, 2010, 2011, 2013, 2014, 2015 & 2019 in the New Economic Windows series of Springer</ref> Econophysics Colloquium, ESHIA/ WEHIA.

In recent years [[network science]], heavily reliant on analogies from [[statistical mechanics]], has been applied to the study of productive systems. That is the case with the works done at the [[Santa Fe Institute]] in European Funded Research Projects as Forecasting Financial Crises and the Harvard-MIT [[The Observatory of Economic Complexity|Observatory of Economic Complexity]]

In recent years [[network science]], heavily reliant on analogies from [[statistical mechanics]], has been applied to the study of productive systems. That is the case with the works done at the [[Santa Fe Institute]] in European Funded Research Projects as Forecasting Financial Crises and the Harvard-MIT [[The Observatory of Economic Complexity|Observatory of Economic Complexity]]

If "econophysics" is taken to denote the principle of applying statistical mechanics to economic analysis, as opposed to a particular literature or network, priority of innovation is probably due to Emmanuel Farjoun and [[Moshé Machover]] (1983). Their book ''Laws of Chaos: A Probabilistic Approach to Political Economy'' proposes ''dis''solving (their words) the [[transformation problem]] in Marx's political economy by re-conceptualising the relevant quantities as random variables.<ref>Farjoun and Machover disclaim complete originality: their book is dedicated to the late  Robert H. Langston, who they cite for direct inspiration (page 12), and they also note an independent suggestion in a discussion paper by [[Edwin Thompson Jaynes|E.T. Jaynes]] (page 239)</ref>

If "econophysics" is taken to denote the principle of applying statistical mechanics to economic analysis, as opposed to a particular literature or network, priority of innovation is probably due to Emmanuel Farjoun and [[Moshé Machover]] (1983). Their book ''Laws of Chaos: A Probabilistic Approach to Political Economy'' proposes ''dis''solving (their words) the [[transformation problem]] in Marx's political economy by re-conceptualising the relevant quantities as random variables.<ref>Farjoun and Machover disclaim complete originality: their book is dedicated to the late  Robert H. Langston, who they cite for direct inspiration (page 12), and they also note an independent suggestion in a discussion paper by [[Edwin Thompson Jaynes|E.T. Jaynes]] (page 239)</ref>

If, on the other hand, "econophysics" is taken to denote the application of physics to

If, on the other hand, "econophysics" is taken to denote the application of physics to

economics, one can consider the works of [[Léon Walras]] and [[Vilfredo Pareto]] as part of it. Indeed, as shown by [[Bruna Ingrao]] and [[Giorgio Israel]], [[general equilibrium theory]] in economics is based on the physical concept of [[mechanical equilibrium]].

economics, one can consider the works of [[Léon Walras]] and [[Vilfredo Pareto]] as part of it. Indeed, as shown by [[Bruna Ingrao]] and [[Giorgio Israel]], [[general equilibrium theory]] in economics is based on the physical concept of [[mechanical equilibrium]].

Econophysics has nothing to do with the "physical quantities approach" to economics, advocated by [[Ian Steedman]] and others associated with [[neo-Ricardianism]]. Notable econophysicists are [[Jean-Philippe Bouchaud]], [[Bikas K Chakrabarti]], [[J. Doyne Farmer]], [[Diego Garlaschelli]], [[Dirk Helbing]], [[János Kertész]], [[Francis Longstaff]], [[Rosario N. Mantegna]], Matteo Marsili, [[Joseph L. McCauley]], Enrico Scalas, [[Didier Sornette]], [[H. Eugene Stanley]], [[Victor Yakovenko]] and Yi-Cheng Zhang.  Particularly noteworthy among the formal courses on econophysics is the one offered by [[Diego Garlaschelli]] at the Physics Department of the [[Leiden University]],<ref>{{Cite web|url=https://studiegids.leidenuniv.nl/en/courses/show/34804/econofysica|title=Econophysics, 2012-2013 ~ e-Prospectus, Leiden University|website=studiegids.leidenuniv.nl|language=en|access-date=2018-09-10}}</ref><ref>{{Cite web|url=https://studiegids.universiteitleiden.nl/courses/99643/econophysics|title=Econophysics, 2020-2021 ~ e-Prospectus, Leiden University|website=studiegids.leidenuniv.nl|language=en|access-date=2020-09-05}}</ref> from where the first Nobel-laureate in economics [[Jan Tinbergen]] came. From September 2014 King's College has awarded the first position of Full Professor in Econophysics.

Econophysics has nothing to do with the "physical quantities approach" to economics, advocated by [[Ian Steedman]] and others associated with [[neo-Ricardianism]]. Notable econophysicists are [[Jean-Philippe Bouchaud]], [[Bikas K Chakrabarti]], [[J. Doyne Farmer]], [[Diego Garlaschelli]], [[Dirk Helbing]], [[János Kertész]], [[Francis Longstaff]], [[Rosario N. Mantegna]], Matteo Marsili, [[Joseph L. McCauley]], Enrico Scalas, [[Didier Sornette]], [[H. Eugene Stanley]], [[Victor Yakovenko]] and Yi-Cheng Zhang.  Particularly noteworthy among the formal courses on econophysics is the one offered by [[Diego Garlaschelli]] at the Physics Department of the [[Leiden University]],<ref>{{Cite web|url=https://studiegids.leidenuniv.nl/en/courses/show/34804/econofysica|title=Econophysics, 2012-2013 ~ e-Prospectus, Leiden University|website=studiegids.leidenuniv.nl|language=en|access-date=2018-09-10}}</ref><ref>{{Cite web|url=https://studiegids.universiteitleiden.nl/courses/99643/econophysics|title=Econophysics, 2020-2021 ~ e-Prospectus, Leiden University|website=studiegids.leidenuniv.nl|language=en|access-date=2020-09-05}}</ref> from where the first Nobel-laureate in economics [[Jan Tinbergen]] came. From September 2014 King's College has awarded the first position of Full Professor in Econophysics.

Basic tools of econophysics are [[Probability|probabilistic]] and [[Statistics|statistical]] methods often taken from statistical physics.

Basic tools of econophysics are [[Probability|probabilistic]] and [[Statistics|statistical]] methods often taken from statistical physics.

Physics models that have been applied in economics include the [[kinetic theory of gas]] (called the [[kinetic exchange models of markets]] <ref>{{cite book| author=[[Bikas K Chakrabarti]], Anirban Chakraborti, Satya R Chakravarty, Arnab Chatterjee |title=Econophysics of Income & Wealth Distributions | publisher=[[Cambridge University Press]], [[Cambridge]]|year= 2012 |work=}}</ref>), [[percolation]] models, [[Chaos theory|chaotic]] models developed to study cardiac arrest, and models with [[self-organizing criticality]] as well as other models developed for [[earthquake prediction]].<ref>{{cite book |author=Didier Sornette |title=Why Stock Markets Crash? |publisher=[[Princeton University Press]]|year= 2003 |accessdate=|work=|author-link=Didier Sornette }}</ref> Moreover, there have been attempts to use the mathematical theory of [[complexity]] and [[information theory]], as developed by many scientists among whom are [[Murray Gell-Mann]] and [[Claude E. Shannon]], respectively.

Physics models that have been applied in economics include the [[kinetic theory of gas]] (called the [[kinetic exchange models of markets]] <ref>{{cite book| author=[[Bikas K Chakrabarti]], Anirban Chakraborti, Satya R Chakravarty, Arnab Chatterjee |title=Econophysics of Income & Wealth Distributions | publisher=[[Cambridge University Press]], [[Cambridge]]|year= 2012 |work=}}</ref>), [[percolation]] models, [[Chaos theory|chaotic]] models developed to study cardiac arrest, and models with [[self-organizing criticality]] as well as other models developed for [[earthquake prediction]].<ref>{{cite book |author=Didier Sornette |title=Why Stock Markets Crash? |publisher=[[Princeton University Press]]|year= 2003 |accessdate=|work=|author-link=Didier Sornette }}</ref> Moreover, there have been attempts to use the mathematical theory of [[complexity]] and [[information theory]], as developed by many scientists among whom are [[Murray Gell-Mann]] and [[Claude E. Shannon]], respectively.

For [[Potential game#Bounded Rational Models|potential games]], it has been shown that an emergence-producing equilibrium based on information via Shannon information entropy produces the same equilibrium measure ([[Gibbs measure]] from statistical mechanics) as a stochastic dynamical equation, both of which are based on [[bounded rationality]] models used by economists.<ref name="Ca">{{cite arXiv |last=Campbell |first=Michael J. |date=2005 |title=A Gibbsian approach to potential game theory |eprint=cond-mat/0502112v2 | url=https://www.researchgate.net/publication/1878148}}</ref>   

For [[Potential game#Bounded Rational Models|potential games]], it has been shown that an emergence-producing equilibrium based on information via Shannon information entropy produces the same equilibrium measure ([[Gibbs measure]] from statistical mechanics) as a stochastic dynamical equation, both of which are based on [[bounded rationality]] models used by economists.<ref name="Ca">{{cite arXiv |last=Campbell |first=Michael J. |date=2005 |title=A Gibbsian approach to potential game theory |eprint=cond-mat/0502112v2 | url=https://www.researchgate.net/publication/1878148}}</ref>   

The fluctuation-dissipation theorem connects the two to establish a concrete correspondence of "temperature", "entropy", "free potential/energy", and other physics notions to an economics system.  The statistical mechanics model is not constructed a-priori - it is a result of a boundedly rational assumption and modeling on existing neoclassical models.  It has been used to prove the "inevitability of collusion" result of [[Huw Dixon]] in a case for which the neoclassical version of the model does not predict collusion.<ref name="HD">{{cite journal | last = Dixon | first = Huw| title = keeping up with the Joneses: competition and the evolution of collusion| journal = Journal of Economic Behavior and Organization| volume = 43| issue = 2| pages = 223–238| date = 2000| doi=10.1016/s0167-2681(00)00117-7}}</ref>   

The fluctuation-dissipation theorem connects the two to establish a concrete correspondence of "temperature", "entropy", "free potential/energy", and other physics notions to an economics system.  The statistical mechanics model is not constructed a-priori - it is a result of a boundedly rational assumption and modeling on existing neoclassical models.  It has been used to prove the "inevitability of collusion" result of [[Huw Dixon]] in a case for which the neoclassical version of the model does not predict collusion.<ref name="HD">{{cite journal | last = Dixon | first = Huw| title = keeping up with the Joneses: competition and the evolution of collusion| journal = Journal of Economic Behavior and Organization| volume = 43| issue = 2| pages = 223–238| date = 2000| doi=10.1016/s0167-2681(00)00117-7}}</ref>   

Here the demand is increasing, as with [[Veblen good]]s or stock buyers with the [[Hot-hand fallacy#Consumers|"hot hand"]] fallacy preferring to buy more successful stocks and sell those that are less successful.<ref name="Johnson2005">

Here the demand is increasing, as with [[Veblen good]]s or stock buyers with the [[Hot-hand fallacy#Consumers|"hot hand"]] fallacy preferring to buy more successful stocks and sell those that are less successful.<ref name="Johnson2005">

{{cite journal|last=Johnson|first=Joseph|author2=Tellis, G.J. |author3=Macinnis, D.J. |s2cid=145211986|title=Losers, Winners, and Biased Trades|journal=Journal of Consumer Research|year=2005|volume=2|issue=32|pages=324–329|doi=10.1086/432241}}</ref>

{{cite journal|last=Johnson|first=Joseph|author2=Tellis, G.J. |author3=Macinnis, D.J. |s2cid=145211986|title=Losers, Winners, and Biased Trades|journal=Journal of Consumer Research|year=2005|volume=2|issue=32|pages=324–329|doi=10.1086/432241}}</ref>

[[Vernon L. Smith]] used these techniques to model sociability in economics.<ref name = "CaSm">

[[Vernon L. Smith]] used these techniques to model sociability in economics.<ref name = "CaSm">

{{cite journal|author1 = Michael J. Campbell | author2 = [[Vernon L. Smith]] | title = An elementary humanomics approach to boundedly rational quadratic models | journal = Physica A |year=2020| volume = 562 | page = 125309 |doi=10.1016/j.physa.2020.125309| url =https://www.researchgate.net/publication/343657559}}</ref> There, a model correctly predicts that agents are averse to resentment and punishment, and that there is an asymmetry between gratitude/reward and resentment/punishment.  The classical Nash equilibrium is shown to have ''no'' predictive power for that model, and the Gibbs equilibrium must be used to predict phenomena outlined in ''Humanomics''.<ref name = "SmWi">{{cite book|author = [[Vernon L. Smith]] and [[Bart J. Wilson]]|date=2019|title=Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century|url=https://www.cambridge.org/core/books/humanomics/1B4064A206BD99DB36E794B53ADF8BB4|doi = 10.1017/9781108185561|publisher=Cambridge University Press|isbn=9781108185561}}</ref>

{{cite journal|author1 = Michael J. Campbell | author2 = [[Vernon L. Smith]] | title = An elementary humanomics approach to boundedly rational quadratic models | journal = Physica A |year=2020| volume = 562 | page = 125309 |doi=10.1016/j.physa.2020.125309| url =https://www.researchgate.net/publication/343657559}}</ref> There, a model correctly predicts that agents are averse to resentment and punishment, and that there is an asymmetry between gratitude/reward and resentment/punishment.  The classical Nash equilibrium is shown to have ''no'' predictive power for that model, and the Gibbs equilibrium must be used to predict phenomena outlined in ''Humanomics''.<ref name = "SmWi">{{cite book|author = [[Vernon L. Smith]] and [[Bart J. Wilson]]|date=2019|title=Humanomics: Moral Sentiments and the Wealth of Nations for the Twenty-First Century|url=https://www.cambridge.org/core/books/humanomics/1B4064A206BD99DB36E794B53ADF8BB4|doi = 10.1017/9781108185561|publisher=Cambridge University Press|isbn=9781108185561}}</ref>

Quantifiers derived from [[information theory]] were used in several papers by econophysicist [http://www.aureliofernandez.net/ Aurelio F. Bariviera] and coauthors in order to assess the degree in the informational efficiency of stock markets.<ref>{{cite journal |author=Zunino, L., Bariviera, A.F., Guercio, M.B., Martinez, L.B. and Rosso, O.A.|title=On the efficiency of sovereign bond markets |journal=Physica A: Statistical Mechanics and Its Applications|volume= 391|pages= 4342–4349|year=2012 |doi=10.1016/j.physa.2012.04.009 | issue = 18|bibcode = 2012PhyA..391.4342Z |url=http://ri.conicet.gov.ar/bitstream/11336/59368/11/CONICET_Digital_Nro.2499931a-041e-4174-8911-3017a0595f19_J.pdf|hdl=11336/59368 |s2cid=122129979 }}</ref>

Quantifiers derived from [[information theory]] were used in several papers by econophysicist [http://www.aureliofernandez.net/ Aurelio F. Bariviera] and coauthors in order to assess the degree in the informational efficiency of stock markets.<ref>{{cite journal |author=Zunino, L., Bariviera, A.F., Guercio, M.B., Martinez, L.B. and Rosso, O.A.|title=On the efficiency of sovereign bond markets |journal=Physica A: Statistical Mechanics and Its Applications|volume= 391|pages= 4342–4349|year=2012 |doi=10.1016/j.physa.2012.04.009 | issue = 18|bibcode = 2012PhyA..391.4342Z |url=http://ri.conicet.gov.ar/bitstream/11336/59368/11/CONICET_Digital_Nro.2499931a-041e-4174-8911-3017a0595f19_J.pdf|hdl=11336/59368 |s2cid=122129979 }}</ref>

Zunino et al. use an innovative statistical tool in the financial literature: the complexity-entropy causality plane. This Cartesian representation establish an efficiency ranking of different markets and distinguish different bond market dynamics. Moreover, the authors conclude that the classification derived from the complexity-entropy causality plane is consistent with the qualifications assigned by major rating companies to the sovereign instruments. A similar study developed by Bariviera et al.<ref>{{cite journal |author=Bariviera, A.F., Zunino, L., Guercio, M.B., Martinez, L.B. and Rosso, O.A.|title=Efficiency and credit ratings: a permutation-information-theory analysis |journal=Journal of Statistical Mechanics: Theory and Experiment|volume= 2013|page= P08007|year=2013 |doi=10.1088/1742-5468/2013/08/P08007 | issue = 8|bibcode = 2013JSMTE..08..007F |arxiv = 1509.01839 |url=http://ri.conicet.gov.ar/bitstream/11336/2007/1/Journal_of_Statistical_Mechanics.pdf|hdl=11336/2007 |s2cid=122829948 }}</ref> explore the relationship between credit ratings and informational efficiency of a sample of corporate bonds of US oil and energy companies using also the complexity–entropy causality plane. They find that this classification agrees with the credit ratings assigned by Moody's.

Zunino et al. use an innovative statistical tool in the financial literature: the complexity-entropy causality plane. This Cartesian representation establish an efficiency ranking of different markets and distinguish different bond market dynamics. Moreover, the authors conclude that the classification derived from the complexity-entropy causality plane is consistent with the qualifications assigned by major rating companies to the sovereign instruments. A similar study developed by Bariviera et al.<ref>{{cite journal |author=Bariviera, A.F., Zunino, L., Guercio, M.B., Martinez, L.B. and Rosso, O.A.|title=Efficiency and credit ratings: a permutation-information-theory analysis |journal=Journal of Statistical Mechanics: Theory and Experiment|volume= 2013|page= P08007|year=2013 |doi=10.1088/1742-5468/2013/08/P08007 | issue = 8|bibcode = 2013JSMTE..08..007F |arxiv = 1509.01839 |url=http://ri.conicet.gov.ar/bitstream/11336/2007/1/Journal_of_Statistical_Mechanics.pdf|hdl=11336/2007 |s2cid=122829948 }}</ref> explore the relationship between credit ratings and informational efficiency of a sample of corporate bonds of US oil and energy companies using also the complexity–entropy causality plane. They find that this classification agrees with the credit ratings assigned by Moody's.

Another good example is [[random matrix theory]], which can be used to identify the noise in financial correlation matrices.  One paper has argued that this technique can improve the performance of portfolios, e.g., in applied in [[Modern portfolio theory|portfolio optimization]].<ref>{{cite journal |author1=Vasiliki Plerou |author2=Parameswaran Gopikrishnan |author3=Bernd Rosenow |author4=Luis Amaral |author5=Thomas Guhr |author6=H. Eugene Stanley |title=Random matrix approach to cross correlations in financial data |journal=Physical Review E|volume= 65|page= 066126 |year=2002 |doi=10.1103/PhysRevE.65.066126 |pmid=12188802 | issue = 6|arxiv = cond-mat/0108023 |bibcode = 2002PhRvE..65f6126P |s2cid=2753508 }}</ref>

Another good example is [[random matrix theory]], which can be used to identify the noise in financial correlation matrices.  One paper has argued that this technique can improve the performance of portfolios, e.g., in applied in [[Modern portfolio theory|portfolio optimization]].<ref>{{cite journal |author1=Vasiliki Plerou |author2=Parameswaran Gopikrishnan |author3=Bernd Rosenow |author4=Luis Amaral |author5=Thomas Guhr |author6=H. Eugene Stanley |title=Random matrix approach to cross correlations in financial data |journal=Physical Review E|volume= 65|page= 066126 |year=2002 |doi=10.1103/PhysRevE.65.066126 |pmid=12188802 | issue = 6|arxiv = cond-mat/0108023 |bibcode = 2002PhRvE..65f6126P |s2cid=2753508 }}</ref>

There are, however, various other tools from physics that have so far been used, such as [[fluid dynamics]], [[classical mechanics]] and [[quantum mechanics]] (including so-called [[classical economy]], [[quantum economics]] and [[quantum finance]]),<ref name="AK">{{Cite book|title = Probabilistic Economic Theory|last = Anatoly V. Kondratenko|work = Nauka |year = 2015|isbn = 978-5-02-019121-1}}</ref> and the [[path integral formulation]] of statistical mechanics.<ref name=":0">{{Cite book|title = The Unity of Science and Economics: A New Foundation of Economic Theory|last = Chen|first = Jing|publisher = Springer|year = 2015|isbn = |location = https://www.springer.com/us/book/9781493934645|pages = }}</ref>

There are, however, various other tools from physics that have so far been used, such as [[fluid dynamics]], [[classical mechanics]] and [[quantum mechanics]] (including so-called [[classical economy]], [[quantum economics]] and [[quantum finance]]),<ref name="AK">{{Cite book|title = Probabilistic Economic Theory|last = Anatoly V. Kondratenko|work = Nauka |year = 2015|isbn = 978-5-02-019121-1}}</ref> and the [[path integral formulation]] of statistical mechanics.<ref name=":0">{{Cite book|title = The Unity of Science and Economics: A New Foundation of Economic Theory|last = Chen|first = Jing|publisher = Springer|year = 2015|isbn = |location = https://www.springer.com/us/book/9781493934645|pages = }}</ref>

The concept of [[economic complexity index]], introduced by the MIT physicist [[Cesar A. Hidalgo]] and the Harvard economist [[Ricardo Hausmann]] and made available at MIT's [[The Observatory of Economic Complexity|Observatory of Economic Complexity]], has been devised as a [[List of countries by future GDP (based on ECI) estimates|predictive tool for economic growth]]. According to the estimates of Hausmann and Hidalgo, the ECI is far more accurate in predicting GDP growth than the traditional governance measures of the [[World Bank]].<ref>{{cite web |url=http://atlas.media.mit.edu/atlas/ |title= The Atlas of Economic Complexity |author1=Ricardo Hausmann |author2=Cesar Hidalgo |publisher= The Observatory of Economic Complexity (MIT Media Lab) |accessdate=26 April 2012|display-authors=etal}}</ref>

The concept of [[economic complexity index]], introduced by the MIT physicist [[Cesar A. Hidalgo]] and the Harvard economist [[Ricardo Hausmann]] and made available at MIT's [[The Observatory of Economic Complexity|Observatory of Economic Complexity]], has been devised as a [[List of countries by future GDP (based on ECI) estimates|predictive tool for economic growth]]. According to the estimates of Hausmann and Hidalgo, the ECI is far more accurate in predicting GDP growth than the traditional governance measures of the [[World Bank]].<ref>{{cite web |url=http://atlas.media.mit.edu/atlas/ |title= The Atlas of Economic Complexity |author1=Ricardo Hausmann |author2=Cesar Hidalgo |publisher= The Observatory of Economic Complexity (MIT Media Lab) |accessdate=26 April 2012|display-authors=etal}}</ref>

==Influence==

==Influence==

Papers on econophysics have been published primarily in journals devoted to physics and statistical mechanics, rather than in leading economics journals. Some [[Mainstream economics|Mainstream economists]] have generally been unimpressed by this work.<ref>{{cite journal |author=Philip Ball |title=Econophysics: Culture Crash |journal=Nature |volume=441 |pages=686–688 |year=2006 |doi=10.1038/441686a |pmid=16760949 |issue=7094|bibcode = 2006Natur.441..686B |citeseerx=10.1.1.188.8120 |s2cid=4319192 }}</ref> Other economists, including [[Mauro Gallegati]], [[Steve Keen]], [[Paul Ormerod]], and Alan Kirman have shown more interest, but also criticized some trends in econophysics. More recently, [[Vernon L. Smith]], one of the founders of [[experimental economics]] and [[Nobel Memorial Prize in Economic Sciences]] laureate, has used these techniques and claimed they show a lot of promise.<ref name = CaSm></ref>   

Papers on econophysics have been published primarily in journals devoted to physics and statistical mechanics, rather than in leading economics journals. Some [[Mainstream economics|Mainstream economists]] have generally been unimpressed by this work.<ref>{{cite journal |author=Philip Ball |title=Econophysics: Culture Crash |journal=Nature |volume=441 |pages=686–688 |year=2006 |doi=10.1038/441686a |pmid=16760949 |issue=7094|bibcode = 2006Natur.441..686B |citeseerx=10.1.1.188.8120 |s2cid=4319192 }}</ref> Other economists, including [[Mauro Gallegati]], [[Steve Keen]], [[Paul Ormerod]], and Alan Kirman have shown more interest, but also criticized some trends in econophysics. More recently, [[Vernon L. Smith]], one of the founders of [[experimental economics]] and [[Nobel Memorial Prize in Economic Sciences]] laureate, has used these techniques and claimed they show a lot of promise.<ref name = CaSm></ref>   

{{Reflist|30em}}

{{Reflist|30em}}

Category:Applied and interdisciplinary physics

Category:Applied and interdisciplinary physics

类别: 数学金融

类别: 数学金融

 

Category:Schools of economic thought

Category:Schools of economic thought

类别: 经济思想流派

类别: 经济思想流派

Category:Statistical mechanics

Category:Statistical mechanics

类别: 统计力学

类别: 统计力学

*Sitabhra Sinha, Arnab Chatterjee, Anirban Chakraborti, [[Bikas K Chakrabarti]]. ''Econophysics: An Introduction'', [http://www.wiley.com/WileyCDA/WileyTitle/productCd-3527408150,descCd-authorInfo.html  Wiley-VCH (2010)]

{{Physics-footer}}

Category:Interdisciplinary subfields of economics

Category:Interdisciplinary subfields of economics